TMI Blog2013 (1) TMI 398X X X X Extracts X X X X X X X X Extracts X X X X ..... State Financial Corporation by the assessee cannot be denied because the interests were adjusted against the subsidy and the term loan due to assessee. Also that instead of withdrawing the subsidy and the term loans and getting it deposited in the assessee's bank account and again making the payment either by cash or by crossed cheque or bank draft, the payment has been effected by book adjustment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the loan advancing person or institution but is paid out of fund lying in any another account of the assessee with such creditor, then that is the “actual payment” - against revenue. - T.A. No.06 of 2001 - - - Dated:- 3-1-2013 - MR. P.P. BHATT, J. For the Appellant: Mr. Deepak Roshan, Sr. S.C.(I.T.), Mr. Amit Kumar, Adv. MR. P.P. BHATT, J. This appeal has been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the reason that facts are not in dispute. The point involved is also short. Undisputedly, the assessee was entitled to subsidy from Bihar State Financial Corporation and was also liable to pay the interest on the loan borrowed by the assessee. The assessee had credit entry with Bihar State Financial Corporation and out of that credit entry of the subsidy amount, the amount of interest has been a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m loan due to assessee. The Tribunal also held that instead of withdrawing the subsidy and the term loans and getting it deposited in the assessee's bank account and again making the payment either by cash or by crossed cheque or bank draft, the payment has been effected by book adjustment, therefore, there is effective payment of the interest on loan to Bihar State Financial Corporation. Hence, d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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