The ITAT held that the assessee's transactions did not fall within the provisions of speculative...

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. .....

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