“High Sea Sale” of Imported Goods are not considered as speculative transaction u/s 43(5) of Income Tax Act: ITAT Upholds Interest Income as Business Income

By Aparna. M - On June 13, 2023 7:45 am - 2 mins read

High Sea Sale - imported goods are not considered as speculative transaction - imported goods - ITAT Upholds Interest Income as Business Income - ITAT - Taxscan

The Amritsar bench of the Income Tax Appellate Tribunal (ITAT) has recently held that high sea sales of imported goods are not considered as speculative transactions under Section 43(5) of the Income Tax Act, 1961. Thus the bench upheld the interest income from fixed deposits and other investments as business income. The Assesee G.G. Oil & Fats…

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