https://www.taxtmi.com/caselaws?id=773649 ITAT Ahmedabad allowed the assessee's appeal regarding NSEL loss disallowance. The tribunal held that transactions entered to avail funds resulted in business/finance loss, not non-genuine trade as determined by CIT(A). The loss represented cost of funds for business purposes. ITAT also upheld CIT(A)'s deletion of addition for alleged fictitious castor seed purchases, finding adequate documentation including stock registers, purchase details, and bank vouchers proving genuine transactions. The assessee demonstrated actual receipt of goods at specified locations and subsequent processing/sales. Revenue's appeal was dismissed on both grounds. en-us Mon, 23 Jun 2025 00:00:00 +0530 Thu, 26 Jun 2025 08:35:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773649 ITAT Ahmedabad allowed the assessee's appeal regarding NSEL loss disallowance. The tribunal held that transactions entered to avail funds resulted in business/finance loss, not non-genuine trade as determined by CIT(A). The loss represented cost of funds for business purposes. ITAT also upheld CIT(A)'s deletion of addition for alleged fictitious castor seed purchases, finding adequate documentation including stock registers, purchase details, and bank vouchers proving genuine transactions. The assessee demonstrated actual receipt of goods at specified locations and subsequent processing/sales. Revenue's appeal was dismissed on both grounds. Case-Laws Income Tax Mon, 23 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773649