Rule 6DDD - Notification of a recognised association for the purposes of clause (e) of the proviso to clause (5) of section 43. - Income-tax Rules, 1962

6DDD. Notification of a recognised association for the purposes of clause (e) of the proviso to clause (5) of section 43 .- (1) An application for notification of a recognised association (as per clause (j) of section 2 of the Forward Contracts (Regulation) Act, 1952) as a recognised association for the purposes of clause (e) of the proviso to clause (5) of section 43 may be made to the 2 [ Member (Income Tax) ], Central Board of Direct Taxes, North Block, New Delhi. (2) The application referred to in sub - rule (1) shall be accompanied with the following documents, namely : - (i) approval granted by Forward Markets Commission for trading in derivatives; (ii) up - to - date rules, bye - laws and trading regulations of the recognised association; (iii) confirmation regarding fulfilling the conditions referred to in clause (ii) to clause (v) of rule 6DDC ; (iv) such other information as t he recognised association may like to place before the Central Government. (3) The Central Government may call for such other information from the applicant as it deems necessary for taking a decision on the application. (4) The Central Government, after e xamining the information furnished by the recognised association under sub - rule (2) or sub - rule (3), shall notify the recognised association as a recognised association for the purposes of clause (e) of the proviso to clause (5) of section 43 or issue an o rder rejecting the application before the expiry of four months from the end of the month in which the application is received. (5) The notification referred to in sub - rule (4) shall be effective until the approval granted by the Forward Markets Commission is withdrawn or expired, or the notification is rescinded by the Central Government. ------------------------- Notes:- 1. Inserted vide NOTIFICATION No. 51/2013 dated 4 July, 2013 2. Substituted vide Not. 17/2017 - Dated 23-3-2017, before it was read as, Member (Legislation)