VIMAL OIL & FOODS LTD. Vs. ACIT

JUDGEMENT

(1.) THIS appeal has been filed by the Assessee against the order of Commissioner of Income Tax (Appeals) -XIV, Ahmedabad, dated 04.08.2011 for A.Y. 2008 -09 on the following grounds:

(2.) AT the outset of hearing, learned AR does not want to press Ground No. 1. Hence the same is dismissed as not pressed. The only issue remains with regard to disallowance of loss of Rs. 4,82,270/ - incurred by the assessee company on trading in commodity derivatives. The Assessing Officer made disallowance of loss of Rs. 4,82,270/ - incurred on commodity derivative. The Assessing Officer while making the disallowance observed as under:

(3.) THIS notification shall remain in force until the approval granted by the Securities and Exchange Board of India is withdrawn or expires, or this notification is rescinded by the Central Government as provided in Sub -rule (5) of rule 6DDB of the Income -tax Rules, 1962 - Notification No. SO 1327(E), dated 22 -5 -2009.