REQUEST TO EXPERTS
This query is : Resolved
21 November 2009
WHILE ATTAINING THE KNOWLEGE I HAVE CAME TO KNOW THAT THE ANSWER GIVEN BY AN EXPERT
AS ON 20TH NOVEMBER 2009
BY BALRAM SHARMA QUITE WITHOUT ADEQUATE KNOWLEGE.
HERE IS THE LINK
https://www.caclubindia.com/experts/experts_message_display.asp?group_id=279970
IN THIS CASE QUERY IS ABOUT TAXABILITY OF COMMODITY GAINS & SET OFF BUSINESS LOSS
HERE I MY VIEW ON ABOVE DISCLOSED QUERY
Section 43(5)(d)(ii) of the Income-tax Act, 1961 – Speculative transactions – Notified recognised stock exchange
Notification No. 46/2009, dated 22-5-2009
In exercise of the powers conferred by clause (ii) in the Explanation to clause (d) of the proviso to sub-section (5) of section 43 of the Income-tax Act, 1961 (43 of 1961), read with rule 6DDB of the Income-tax Rules, 1962, the Central Government hereby notifies MCX Stock Exchange Ltd. as a recognized stock exchange for the purpose of the said clause with effect from the date of publication of this notification in the Official Gazette.
IF I M WRONG PLZ CAME TO MY KNOWLEDGE TOO.
THANKS REGARDS
- SAHIL BERI
AS ON 20TH NOVEMBER 2009
BY BALRAM SHARMA QUITE WITHOUT ADEQUATE KNOWLEGE.
HERE IS THE LINK
https://www.caclubindia.com/experts/experts_message_display.asp?group_id=279970
IN THIS CASE QUERY IS ABOUT TAXABILITY OF COMMODITY GAINS & SET OFF BUSINESS LOSS
HERE I MY VIEW ON ABOVE DISCLOSED QUERY
Section 43(5)(d)(ii) of the Income-tax Act, 1961 – Speculative transactions – Notified recognised stock exchange
Notification No. 46/2009, dated 22-5-2009
In exercise of the powers conferred by clause (ii) in the Explanation to clause (d) of the proviso to sub-section (5) of section 43 of the Income-tax Act, 1961 (43 of 1961), read with rule 6DDB of the Income-tax Rules, 1962, the Central Government hereby notifies MCX Stock Exchange Ltd. as a recognized stock exchange for the purpose of the said clause with effect from the date of publication of this notification in the Official Gazette.
IF I M WRONG PLZ CAME TO MY KNOWLEDGE TOO.
THANKS REGARDS
- SAHIL BERI
Aditya Maheshwari
(Expert)
24 November 2009
It will be non speculation if traded on MCX only w. e. f. 22.05.2009
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