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2021 (4) TMI 857 - AT - Income TaxDisallowing unpaid interest u/s. 43B - AO observed that "the assessee company failed to furnish any logic in apportioning at the ratios mentioned by itself - HELD THAT:- As per the provisions of Clause(d) of section 43B of IT Act any sum payable by the assessee as interest on any loan from any public financial institution in accordance with the terms and conditions of agreement governing such loan is allowable as deduction if such sum is actually paid. In the instant case the assessee company failed to pay the interest amount as detailed above of ₹ 13,36,34,769/- on or before the due date of filing the return of income u/s. 139(1) of the Act. The proviso clearly states that the deduction is allowable if the amount is actually paid." Therefore, we are of the view that one more opportunity may be given to assessee to substantiate its claim by filling documentary evidence before the AO. Accordingly, we remit the issue back to the file of the AO with a direction to decide the issue in dispute by examining the material which will be put-forth by the assessee before him and in accordance with law after providing an opportunity of being heard to the assessee in the matter. The assessee is directed to substantiate its claim by filing documentary evidence before the AO. Thus, the ground raised by the assessee on this issue is treated as allowed for statistical purposes.
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