TMI Blog2016 (3) TMI 1397X X X X Extracts X X X X X X X X Extracts X X X X ..... o other contrary decision was brought to our notice. In view of this, following the decision of coordinate bench, we reverse the finding of CIT(A) confirming the disallowance u/s 43B(d) - Decided in favour of assessee. - ITA No. 6452/Del./2014 - - - Dated:- 11-3-2016 - Shri I.C. Sudhir, Judicial Member And Shri Prashant Maharishi, Accountant Member For the Assessee y: Sh. P. S. Kashsyap, FCA. For the Revenue : Sh. Sheodan Singh Bhaddoria, Sr. DR. ORDER Per Prashant Maharishi, A. M. 1. This appeal is preferred by the assessee against the order of the CIT(A), Meerut dated 26.09.2014 for the Assessment Year 2008-09 on the following grounds : 1. That on facts and in law disallowing interest accrued due but n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 02,09,67,250/-. It claimed deduction under section 80 P of the Income Tax Act, 1961 and assessment was completed at total loss of ₹ 1,82,74,874/- on 27.12.2010. Subsequently, assessment was reopened u/s 147 of the Act and reasons recorded were that an interest of ₹ 3,63,59,677/-on account of unsecured loans interest accrued and due but is not paid before the due date of filing of the return and therefore it is disallowable u/s 43B (d) of The Income Tax Act. Assessment was framed under section 147/143 (3) of The Acton 15/03/2013. Ld. AO disallowed the interest of ₹ 3,63,59,677/-u/s 43B (d) of the act as discussed above. Aggrieved by this, assessee filed an appeal before CIT (A) who deleted the addition but confirmed the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to various unsecured loan and therefore the provisions of section 43(d) was invoked by the Ld. AO. However out of ₹ 3,63,59,677/ only ₹ 15,24,100/- has been charged to the profit and loss account on account of interest accrued and due butnot paid. In view of this CIT (A) restricted the disallowance to ₹ 15,24,100/- only. In ITA No.6157/DEL/2012 for assessment year 2007 08 in para number of 7 of the order it is held that if the interest in question is payable to Government of India and Uttar Pradesh government, section 43B (d) does not apply. No other contrary decision was brought to our notice. In view of this, following the decision of coordinate bench, we reverse the finding of CIT(A) confirming the disallowance u/s 43 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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