Applicability of section 269T of the Income-tax Act, 1961, to amounts kept by agriculturists, out of sale proceeds with commission agents--Clarification regarding

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....Dated 19/3/1990 The Board have received a number of representations seeking clarifications in respect of various columns of Form No.56 prescribed for grant of exemption under section 10(23C)(iv) and (v). The clarifications are as under:-- Question (a) : Column 10 requires the 'total income' of the institution to be furnished. Will it include the notional income which cannot be applied or invest....

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....ed in Explanation 2 to sub-section (1) and in sub-section (1A) to section 11, so that such income may be excluded for determining compliance with the condition regarding application/accumulation of income to the objects of the trusts/institutions. Question (c): In columns 16 and 17, information is required in respect of assets purchased from interested persons, or in respect of utilisation or app....