ITAT allowed the assessee's appeal regarding speculation loss on...

ITAT allowed the assessee's appeal regarding speculation loss on NSEL platform transactions. The tribunal held that losses from trading transactions were business losses, not speculative losses, as transactions were entered to avail funds and settlement amounts were received. The cost of finance represented legitimate business expenditure. Regarding TDS applicability, no deduction was warranted as sale proceeds and purchase payments involved different entities, and costs weren't strictly interest payments. The tribunal also allowed deductions for debit notes from N.K. Proteins Ltd under a valid MOU, treating them as business expenditure for price differences. On loan waiver taxation, following Supreme Court precedent in Mahindra and Mahindra Ltd, sections 28(iv) and 41(1) were held inapplicable. Revenue's appeal regarding castor seed purchases was dismissed as the assessee demonstrated actual delivery-based purchases with proper documentation and payments through settlement accounts.