https://www.taxtmi.com/caselaws?id=8455 Section 11(2) permits a charitable trust to claim exemption for accumulated income where notice is given in the prescribed manner and the amount is invested in approved securities. The court held that "in the prescribed manner" authorises rules on form and particulars, but not a new time-limit for investment or a condition making the benefit dependent on the Income-tax Officer's discretion. Subordinate legislation cannot curtail the statutory concession or override the parent Act, so the impugned paragraphs of Form No. 10 were ultra vires and unenforceable. On the facts, the trust had given notice, resolved to accumulate income, and acted with diligence in seeking approved investment, so relief under section 11(2) was available subject to the statute. en-us Wed, 03 Nov 1971 00:00:00 +0530 Wed, 15 Apr 2009 17:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8455 Section 11(2) permits a charitable trust to claim exemption for accumulated income where notice is given in the prescribed manner and the amount is invested in approved securities. The court held that "in the prescribed manner" authorises rules on form and particulars, but not a new time-limit for investment or a condition making the benefit dependent on the Income-tax Officer's discretion. Subordinate legislation cannot curtail the statutory concession or override the parent Act, so the impugned paragraphs of Form No. 10 were ultra vires and unenforceable. On the facts, the trust had given notice, resolved to accumulate income, and acted with diligence in seeking approved investment, so relief under section 11(2) was available subject to the statute. Case-Laws Income Tax Wed, 03 Nov 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8455