Appeal Dismissed: Court Upholds Tribunal's Decision on Interest Disallowance Under Section 36(1)(iii), No New Grounds Found.

The Gujarat HC dismissed the appeal at the admission stage, upholding the appellate tribunal's decision to delete the disallowance of interest under section 36(1)(iii). The court found no new grounds to reconsider the issue, as it had previously addressed a similar matter involving the same assessee concerning the purchase of shares for acquiring controlling rights in another company.

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The Gujarat High Court, in a judgment by Chief Justice Y.R. Meena and Justice Akil Kureshi, considered an appeal regarding the disallowance of interest under section 36(1)(iii) by the Assessing Officer. The question posed was whether the appellate tribunal was correct in confirming the order deleting the disallowance based on the purpose of purchasing shares for acquiring controlling rights in another company. The court noted a previous decision involving the same assessee where a similar issue was addressed, and as no new grounds were presented, the appeal was dismissed at the admission stage.

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