24 July 2013
you can avail exemption for next 3 attempts.As far as FAQ on exmeptions are given there is no restriction on availing exemption in more than one subject
26 July 2013
Yes what is improper in that?At the most your marksheet can show E (exemption) sign but are you very sure about exam pattern of ICAI?sometimes it sets easy paper and next time very difficult .I advice go for 2subjects rest wait for other expert's views