Highseas Sale is non-speculative transaction as there is proper delivery of goods

DCIT  Vs  G.G. Continental Traders Pvt. Ltd (ITAT Amritsar) ITAT Amritsar held that high seas sale transaction cannot be treated as speculative transaction as entire transaction is going through by proper delivery of the goods during purchase and the documents are provided for evidence of delivery of goods. Facts- The basic issue is that the assessee had treated the interest amount of Rs.7.3 crore on FDRs and 32.17 lakh as business income and had adjusted with loss of “high sea sale” of imported goods. The said interest is considered as ‘Income of Other Sources’ by the ld. AO. In oth...