SECTION 43(5) OF THE INCOME-TAX ACT, 1961 – SPECULATIVE TRANSACTION – RECOGNIZED STOCK EXCHANGE – NOTIFIED RECOGNIZED STOCK EXCHANGE UNDER PROVISO (d) OF EXPLANATION (ii) TO SECTION 43(5)
NOTIFICATION NO. S.O. 834(E) [NO. 15/2014 (F.NO. 142/33/2013-TPL)], DATED 20-3-2014
In exercise of the powers conferred by clause (iii) of Explanation 2 to clause (e) of the proviso to clause (5) of section 43 of the Income-tax Act, 1961 (43 of 1961), read with sub-rule (4) of rule 6DDD of the Income-tax Rules, 1962, the Central Government hereby notifies the Ace Derivatives and Commodity Exchange Limited, Ahmedabad as a recognised association for the purposes of clause (e) of the proviso to clause (5) of the said section, with effect from the date of publication of this notification in the Official Gazette.
2. The Central Government may withdraw the recognition of Ace Derivatives and Commodity Exchange Limited, Ahmedabad if any of the conditions specified in rule 6DDC of the Income-tax Rules, 1962, is violated.
3. This notification shall remain in force until the approval granted by the Forward Markets Commission is withdrawn or expires, or the notification is rescinded by the Central Government under sub-rule (5) of rule 6DDD of the Income-tax Rules, 1962.