2005 (8) TMI 88

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....avit, the delay in filing of this appeal is condoned and the application disposed of. I.T.A. No. 644 of 2005: The only question which the Revenue proposes to raise for the determination of this court is whether the Income-tax Appellate Tribunal was correct in law in granting exemption under section 11 of the Income-tax Act despite the fact that the assessee had not mentioned any specific purpose....

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....d accumulated the unspent amount for being spent on more than one purposes specified by it. The question for consideration was whether it was necessary for the assessee to make a specific mention of any purpose or purposes to enable it to accumulate the income. The court held that section 11(2) of the Act did not prohibit plurality of purposes. The court also held that the purposes which the asses....