Speculative or non speculative business - treatment of “high sea ...

High Sea Sale Transaction Deemed Non-Speculative Due to Proper Delivery; Loss Adjusted Against Interest Income as Business Income.

July 6, 2023

Case Laws Income Tax AT

Speculative or non speculative business - treatment of “high sea sale” - when the goods are not taken by the delivery the entire issue is treated as speculative transaction. But in assessee’s case the entire transaction is going through by proper delivery of the goods during purchase and the documents are provided for evidence of delivery of goods related to high sea sale. We find that the observation of the ld. - Loss from activity of High Sea sale allowed to be adjusted interest income (as business income) - AT

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Speculative or non speculative business - treatment of “high sea ...

High Sea Sale Transaction Deemed Non-Speculative Due to Proper Delivery; Loss Adjusted Against Interest Income as Business Income.

July 6, 2023

Case Laws Income Tax AT

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