https://www.taxtmi.com/caselaws?id=460947 The Gujarat HC upheld the decision of the Income Tax Appellate Tribunal, confirming the disallowance of an interest deduction claimed by the assessee under Section 57(iii) of the Income Tax Act, 1961. The Court determined that the interest expenditure related to the purchase of shares in SOML was not incurred solely for the purpose of earning income but rather for gaining control over the company. Consequently, the expenditure did not qualify for deduction, as it was not aligned with the statutory requirement of being incurred solely for income generation. The decision favored the Revenue. en-us Mon, 18 Jan 1993 00:00:00 +0530 Tue, 04 Mar 2025 18:13:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460947 The Gujarat HC upheld the decision of the Income Tax Appellate Tribunal, confirming the disallowance of an interest deduction claimed by the assessee under Section 57(iii) of the Income Tax Act, 1961. The Court determined that the interest expenditure related to the purchase of shares in SOML was not incurred solely for the purpose of earning income but rather for gaining control over the company. Consequently, the expenditure did not qualify for deduction, as it was not aligned with the statutory requirement of being incurred solely for income generation. The decision favored the Revenue. Case-Laws Income Tax Mon, 18 Jan 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460947