https://www.taxtmi.com/caselaws?id=460963 Gujarat HC upheld Tribunal's decision allowing interest deduction u/s 36(1)(iii) for share purchase financing. Revenue challenged disallowance deletion, claiming shares were acquired for controlling rights in another company through circular trading to evade tax. Court found concurrent findings by CIT(A) and Tribunal were justified as assessee's investment represented only 2.56% of target company's share capital, indicating legitimate business purpose rather than tax avoidance scheme. No substantial question of law arose warranting HC interference. en-us Wed, 24 Apr 2024 00:00:00 +0530 Tue, 04 Mar 2025 18:58:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460963 Gujarat HC upheld Tribunal's decision allowing interest deduction u/s 36(1)(iii) for share purchase financing. Revenue challenged disallowance deletion, claiming shares were acquired for controlling rights in another company through circular trading to evade tax. Court found concurrent findings by CIT(A) and Tribunal were justified as assessee's investment represented only 2.56% of target company's share capital, indicating legitimate business purpose rather than tax avoidance scheme. No substantial question of law arose warranting HC interference. Case-Laws Income Tax Wed, 24 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460963