Appeal dismissed on converting unpaid interest to funded interest loan under Income Tax Act

The Gujarat HC dismissed the appeal at admission stage concerning the addition under section 43B of the Income Tax Act, 1961 on converting unpaid interest into a funded interest loan, following a precedent favoring the assessee.

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The Gujarat High Court dismissed the appeal at admission stage regarding the addition made under section 43B of the Income Tax Act, 1961 on conversion of unpaid interest into a funded interest loan. The Tribunal's decision was based on a previous case where the issue was decided in favor of the assessee.

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