1985 (8) TMI 138

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....st. yr. 1978-79 the assessee's income came to Rs. 2,12,790. Out of this a sum of Rs. 1,33,330 was applied for the purpose of that trust and the ITO has allowed the exemption under s. 11 on this amount. The assessee had claimed accumulation in respect of the balance amount to Rs. 78400 under the provisions of s. 11 (2). A notice in Form No. 10 was filed alongwith the return by the assessee and the ....

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....cumulate under s. 11 (2) r/w r. 17, the assessee should have stated a specific purpose for which the income is being accumulate and comes this has not been done, the claim for accumulation cannot be allowed. He, therefore, brought to tax the sum of Rs. 79,480. 2. The AAC agreed with the assessee. He adverted to cl. (a) of sub-s. (2) of s. 11 and to Form No. 10 and pointed out that the purpose to ....