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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..... cular No. 557 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 can .....

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..... cover income of the type mentioned 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, .....

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..... d the scope of section 10(23C)(iv) and (v) as the provisions of section 11(3) are not applicable to section 10(23C)(iv) and (v). Has it not made column 18 redundant? Answer : The provisions of section 11(3) are not applicable to section 10 (23C)(iv) and (v). The information is being sought to know that there has been no violation of the conditions mentioned in the third proviso to sub-clause ( .....

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