https://www.taxtmi.com/caselaws?id=363350 The High Court of Calcutta upheld the Appellate Tribunal's decision in a case involving income tax assessment. The court addressed the speculative transaction aspect, where the assessee avoided further loss by not taking delivery but accepting damages due to a decline in palm oil prices. Additionally, the determination of arm's length price in a contract with an associate concern was considered, with the court endorsing the view that the contract rate should be compared to the prevailing rate at the contract date. The judgment affirmed the Tribunal's decision on both issues without costs. en-us Wed, 20 Jun 2018 00:00:00 +0530 Wed, 24 Apr 2019 08:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=363350 The High Court of Calcutta upheld the Appellate Tribunal's decision in a case involving income tax assessment. The court addressed the speculative transaction aspect, where the assessee avoided further loss by not taking delivery but accepting damages due to a decline in palm oil prices. Additionally, the determination of arm's length price in a contract with an associate concern was considered, with the court endorsing the view that the contract rate should be compared to the prevailing rate at the contract date. The judgment affirmed the Tribunal's decision on both issues without costs. Case-Laws Income Tax Wed, 20 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=363350