https://www.taxtmi.com/caselaws?id=419730 The Tribunal allowed the appeal, deleting the addition of Rs. 1,01,49,926/- for paying above the spot rate for Palmolein Oil deliveries. It held that the AO's characterization of the transaction as non-genuine was unfounded, emphasizing the appellant's adherence to contract terms and accounting principles. The Tribunal found the addition inconsistent with prescribed accounting methods, citing the appellant's commitment to specified quantities at contract rates within set timeframes. The decision highlighted the importance of consistency in assessments and recognized the genuine nature of the transactions, ultimately ruling in favor of the appellant. en-us Thu, 10 Mar 2022 00:00:00 +0530 Sat, 19 Mar 2022 07:36:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419730 The Tribunal allowed the appeal, deleting the addition of Rs. 1,01,49,926/- for paying above the spot rate for Palmolein Oil deliveries. It held that the AO's characterization of the transaction as non-genuine was unfounded, emphasizing the appellant's adherence to contract terms and accounting principles. The Tribunal found the addition inconsistent with prescribed accounting methods, citing the appellant's commitment to specified quantities at contract rates within set timeframes. The decision highlighted the importance of consistency in assessments and recognized the genuine nature of the transactions, ultimately ruling in favor of the appellant. Case-Laws Income Tax Thu, 10 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419730