2016 (3) TMI 1487 - SCH - Income Tax

Disallowance of interest u/s. 36(1)(iii) - purchase of shares was mainly for acquiring controlling rights in another company - CIT(A) deleted addition - As decided by HC 2007 (7) TMI 721 - GUJARAT HIGH COURT Revenue fairly admits that similar question has been considered by this Court in the case of the very assessee and the appeal was not admitted by the order thus no case is made out for admission of this appeal. HELD THAT - In view of the low tax effect we are not inclined to entertain this appeal or interfere with the impugned order. The civil appeal is dismissed on that ground alone leaving the question of law open.

Summary

The Supreme Court, comprising T.S. Thakur, CJI, R. Banumathi, and Uday Umesh Lalit, JJ., dismissed the civil appeal due to the low tax effect, refraining from interfering with the impugned order and leaving the question of law open. The Appellant was represented by Mr. Tushar Mehta, ASG, Ms. Niranjana Singh, Mr. D.L. Chidananda, Mr. B. V. Balaram Das, and Mr. Ram Bhaj, while there was no representation for the Respondent. No costs were awarded in this matter.