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2014 (6) TMI 1062 - AT - Income TaxAddition u/s 43B - interest payable, which was not paid during the year - interest payable to the Government of Tamilnadu and M/s Infrastructure Leasing and Financial Services - stand taken by the Revenue is that the interest to be paid by the assessee had not been crystallized in the year under consideration - HELD THAT:- We find that the issue involved in this appeal has already been considered by the Tribunal in assessee’s own case for the assessment year 2008-09 [2012 (8) TMI 1202 - ITAT CHENNA] admittedly, neither the Government of Tamil Nadu nor Infrastructure Leasing & Financial Services Ltd. IL&FS fall within the definition of Public Financial Institution. Hence, the learned Commissioner of Income Tax (Appeals)’s premise that Explanation 3(c) of Section 43B(d) is applicable, is erroneous. As we have already held earlier that as per the reading of loan agreement, the interest amount has very much accrued and the liability has crystallized. In this view of the matter, we hold that order of the authorities below is liable to be set aside and assessee's claim be allowed DR could not controvert the above findings of the Tribunal and he could not bring any material on record to show that the above order of the Tribunal was varied in appeal by any higher forum. We, therefore, respectfully following the above quoted order of the Tribunal, confirm the order of the CIT(A) and dismiss the grounds of appeal of the Revenue.
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