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TMI Blog2014 (9) TMI 426X X X X Extracts X X X X X X X X Extracts X X X X ..... ower does not mean that the clauses or terms and conditions incorporated in the sanction letter can be ignored - the loan was for a term and it was secured in the manner set out by the Deed – no substantial question of law arises for consideration – Decided against assessee. Treatment of loan received – Term loan or not u/s 43B – Held that:- It is not in dispute that the Explanation has been br ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been framed in these Memo of Appeals are substantial questions of law. They read as under : (A) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in sustaining disallowance of interest u/s 43B, without appreciating the terms of the agreement between the parties and the character of the transaction in question ? (B) Whether on the facts and in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loan but the stipulation was that at the end of four years, the liability to clear the said amount would arise and if that is not discharged, then the consequences under the mortgage deed would follow. Therefore, there was no question of rendering a finding that the contents of the sanction letter would supersede or override the mortgage deed either way. A reference is made to paragraph 7 of the o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... secured in the manner set out by the Deed. Such finding of fact being consistent with the material placed before the two Appellate Authorities, including the documents that we find that the first question cannot be termed as a substantial question of law. 7. With regard to the second question as well, we have perused section 43B(d) and Explanation C to the relevant section. Mr Naniwadekar does ..... X X X X Extracts X X X X X X X X Extracts X X X X
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