https://www.taxtmi.com/highlights?id=79092 The ITAT held that the assessee's transactions did not fall within the provisions of speculative transactions u/s 43(5) as the ultimate settlement was through actual delivery to the buyer. Disallowance of interest u/s 36(1)(iii) was rejected as the advance to parties was for business purposes, not necessarily bearing interest, and supported by audited balance sheet reflecting availability of interest-free funds. The decision aligned with the precedent set by the Supreme Court in Reliance Industries Ltd, leading to deletion of the addition u/s 36(1)(iii) in favor of the assessee. en-us Thu, 04 Jul 2024 08:17:05 +0530 Thu, 04 Jul 2024 08:17:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=79092 The ITAT held that the assessee's transactions did not fall within the provisions of speculative transactions u/s 43(5) as the ultimate settlement was through actual delivery to the buyer. Disallowance of interest u/s 36(1)(iii) was rejected as the advance to parties was for business purposes, not necessarily bearing interest, and supported by audited balance sheet reflecting availability of interest-free funds. The decision aligned with the precedent set by the Supreme Court in Reliance Industries Ltd, leading to deletion of the addition u/s 36(1)(iii) in favor of the assessee. Highlights Income Tax Thu, 04 Jul 2024 08:17:05 +0530 https://www.taxtmi.com/highlights?id=79092