TMI Blog2014 (6) TMI 1062X X X X Extracts X X X X X X X X Extracts X X X X ..... ing 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 followin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Accordingly, the Assessing Officer disallowed a sum of ₹ .9,54,29,996/- by invoking section 43B(d) of the Income Tax Act. 3. When the assessee carried the matter in appeal before the ld. CIT(Appeals), the ld. CIT(Appeals), by following the order of the Tribunal in assessee s own case for the assessment years 2004-05 to 2008-09, allowed the appeal filed by the assessee. 4. Aggrieved, the Revenue is in appeal before the Tribunal. 5. At the time of hearing, the ld. Counsel for the assessee has submitted that the issued involved in this appeal is squarely covered by the decision of the Coordinate Bench in assessee s own case for the assessment year 2008-09 in I.T.A. No. 1242/Mds/2012 vide order dated 02.08.2012. 6. On the ot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... date. TWICL shall not be required to pay interest up to the expiry of the moratorium period being 5 years from the operation date. Interest not paid shall be accrued as arrears and added to the principal outstanding at the end of every calendar quarter. The interest shall be calculated on the basis of 365 days a year and the number of days elapsed with quarterly rests: (a) Subsequent to the end of the period stated above, TWICL shall pay to GOTN and IL FS interest on the respective principal amount of the term finance outstanding from time to time quarterly in arrears in each year on the interest payment date. 2.6 From a reading of the aforesaid, it is quite apparent that interest has accrued and the payment thereof has been postpon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arded for the purposes of this Act, as a public financial institution, namely:- (i) The Industrial Credit and Investment Corporation of India Limited, a company formed and registered under the Indian Companies Act, 1913 (7 of 1913): (ii) The Industrial Finance Corporation of India, established under section 3 of the Industrial Finance Corporation Act, 1948 (15 of 1948); (iii) The Industrial Development Bank of India, established under section 3 of the Industrial Development Bank of India Act, 1964 (18 of 1964); (iv) The Life Insurance Corporation of India, established under section 3 of the Life Insurance Corporation Act, 1956 (31 of 1956); (v) The Unit Trust of India, established under section 3 of the Unit Trust of India Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the above quoted order of the Tribunal, confirm the order of the CIT(A) and dismiss the grounds of appeal of the Revenue. 8. The 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. 9. In the appeal filed by the Revenue for the assessment year 2010-11 also, the issue raised by the Revenue is similar and the facts are identical as raised in the assessment year 2009-10. Hence, by following our above decision in the assessment year 2009-10 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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