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Section 43B: HC Directs AO to determine If IL&FS is a Public Institution
Case Law Details
- Case Name
- CIT Vs Tamil Nadu Water Investment Co. Ltd. (Madras High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Madras High Court
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CIT Vs Tamil Nadu Water Investment Co. Ltd. (Madras High Court)
The main contention of the learned counsel for the appellant / Revenue is that the Tamil Nadu Government may not be a Public Financial Institution but M/s. Infrastructure Leasing and Financial Services limited is a Public Financial Institution and therefore, the interest payment not paid by the assessee company to the promoters is hit by explanation 3C to Section 43B (d) of Income Tax Act. Whereas, the authorities below did not consider this aspect and they erroneously concluded that the promoters were not covered by the definitio...
