https://www.taxtmi.com/caselaws?id=754130 The ITAT Chandigarh held that high sea sales transactions involving edible oil were not speculative under section 43(5) as goods were ultimately delivered to the final buyer through proper transfer of title documents and physical delivery at the port. The tribunal followed precedents establishing that actual delivery by the ultimate purchaser, rather than the intermediate seller, satisfies the delivery requirement. Additionally, the tribunal deleted the disallowance of interest on interest-free advances under section 36(1)(iii), finding sufficient interest-free funds available in the balance sheet to cover the advances given. en-us Fri, 14 Jun 2024 00:00:00 +0530 Mon, 17 Jun 2024 11:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754130 The ITAT Chandigarh held that high sea sales transactions involving edible oil were not speculative under section 43(5) as goods were ultimately delivered to the final buyer through proper transfer of title documents and physical delivery at the port. The tribunal followed precedents establishing that actual delivery by the ultimate purchaser, rather than the intermediate seller, satisfies the delivery requirement. Additionally, the tribunal deleted the disallowance of interest on interest-free advances under section 36(1)(iii), finding sufficient interest-free funds available in the balance sheet to cover the advances given. Case-Laws Income Tax Fri, 14 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754130