54. Substituted by the Finance Act, 2002, w.e.f. 1-4-2003. Prior to its substitution, clause (a), as amended by the Finance Act, 2001, w.e.f. 1-4-2002, read as under :

“(a)  applies its income, or accumulates it for application, wholly and exclusively to the objects for which it is established and in a case where more than twenty-five per cent of its income is accumulated on or after the 1st day of April, 2001, the period of the accumulation of the amount exceeding twenty-five per cent of its income shall in no case exceed five years; and”