https://www.taxtmi.com/caselaws?id=773343 ITAT Ahmedabad held that trading losses on NSEL platform constituted business losses, not speculative losses, as transactions were genuine business arrangements to avail funds and settlement amounts were received. The tribunal allowed deduction of debit notes from associated company as legitimate business expenditure representing price differences under MOU. Regarding loan waiver, following SC precedent in Mahindra case, sections 28(iv) and 41(1) were held inapplicable as no interest deduction was previously claimed. Purchase additions were deleted as assessee demonstrated actual delivery-based transactions with proper payment documentation. Assessee's appeal was substantially allowed. en-us Fri, 25 Apr 2025 00:00:00 +0530 Thu, 19 Jun 2025 18:50:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773343 ITAT Ahmedabad held that trading losses on NSEL platform constituted business losses, not speculative losses, as transactions were genuine business arrangements to avail funds and settlement amounts were received. The tribunal allowed deduction of debit notes from associated company as legitimate business expenditure representing price differences under MOU. Regarding loan waiver, following SC precedent in Mahindra case, sections 28(iv) and 41(1) were held inapplicable as no interest deduction was previously claimed. Purchase additions were deleted as assessee demonstrated actual delivery-based transactions with proper payment documentation. Assessee's appeal was substantially allowed. Case-Laws Income Tax Fri, 25 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773343