Allowability of interest paid in respect of loans obtained from Public Financial Institutions

RELEVANT PARAGRAPHS: 17.1 According to us, as correctly held by the Tribunal, the assessee’s claim for deduction had to be allowed, in one lump sum, keeping in view the provisions of Section 43B(d) which provides that any sum payable by the assessee as interest on any loan or borrowing from any financial institution shall be allowed to the assessee in the year in which the same is paid irrespective of the provisions in which the liability to pay such sum is incurred by the assessee according to the method of accounting regularly applied by the assessee. Since the authorities below have n...