ITAT rules NSEL platform trading losses are business losses not speculative, allows various business deductions

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....ITAT allowed the assessee's appeal regarding speculation loss on NSEL platform transactions. The tribunal held that losses from trading transactions were business losses, not speculative losses, as transactions were entered to avail funds and settlement amounts were received. The cost of finance represented legitimate business expenditure. Regarding TDS applicability, no deduction was warranted as sale proceeds and purchase payments involved different entities, and costs weren't strictly interest payments. The tribunal also allowed deductions for debit notes from N.K. Proteins Ltd under a valid MOU, treating them as business expenditure for price differences. On loan waiver taxation, following Supreme Court precedent in Mahindra and Mahindr.........