https://www.taxtmi.com/caselaws?id=754992 ITAT Amritsar ruled in favor of the assessee on two issues. First, regarding speculative transactions under section 43(5), the tribunal held that transactions involving edible oil trading with actual delivery to ultimate buyers do not constitute speculative transactions, despite revenue's contention about physical delivery at destination port. Second, concerning interest disallowance under section 36(1)(iii), the tribunal deleted additions sustained by CIT(A), finding that advances to parties were legitimate business transactions funded by available interest-free funds as reflected in audited balance sheet, following SC precedent in Reliance Industries Ltd. en-us Wed, 12 Jun 2024 00:00:00 +0530 Wed, 03 Jul 2024 17:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754992 ITAT Amritsar ruled in favor of the assessee on two issues. First, regarding speculative transactions under section 43(5), the tribunal held that transactions involving edible oil trading with actual delivery to ultimate buyers do not constitute speculative transactions, despite revenue's contention about physical delivery at destination port. Second, concerning interest disallowance under section 36(1)(iii), the tribunal deleted additions sustained by CIT(A), finding that advances to parties were legitimate business transactions funded by available interest-free funds as reflected in audited balance sheet, following SC precedent in Reliance Industries Ltd. Case-Laws Income Tax Wed, 12 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754992