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ITAT allowed the assessee's appeal regarding NSEL trading losses, reversing CIT(A)'s disallowance. The tribunal held that transactions entered for fund availability constituted legitimate business activity, with resulting losses representing cost of funds rather than non-genuine trades. Loss withdrawal explanations were deemed satisfactory, establishing business purpose. Regarding castor seeds purchases, ITAT upheld CIT(A)'s deletion of additions, finding adequate documentation through stock registers, purchase details, and payment proofs via HDFC Settlement Account. The assessee demonstrated actual receipt of goods at specified locations, proper accounting integration, and legitimate business operations including crushing and sales activities, with no doubts raised regarding quantities or manufacturing processes.
ITAT allowed the assessee's appeal regarding NSEL trading losses, reversing CIT(A)'s disallowance. The tribunal held that transactions entered for fund availability constituted legitimate business activity, with resulting losses representing cost of funds rather than non-genuine trades. Loss withdrawal explanations were deemed satisfactory, establishing business purpose. Regarding castor seeds purchases, ITAT upheld CIT(A)'s deletion of additions, finding adequate documentation through stock registers, purchase details, and payment proofs via HDFC Settlement Account. The assessee demonstrated actual receipt of goods at specified locations, proper accounting integration, and legitimate business operations including crushing and sales activities, with no doubts raised regarding quantities or manufacturing processes.
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