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TMI Blog2012 (8) TMI 1202X X X X Extracts X X X X X X X X Extracts X X X X ..... e submitted that the assessee had debited a sum of ₹ 8,87,04,686/- as interest on loan in the Profit Loss Account. During the course of assessment proceedings, it was stated that this was the interest payable to the Government of Tamilnadu and M/s Infrastructure Leasing and Financial Services. The assessee claimed that it had repaid an amount of ₹ 4,44,46,377/-. It was also submitted that according to the term of loan, the assessee has a moratorium period of five years for paying the interest, but the assessee has claimed the entire amount of interest of ₹ 8,87,04,686/- . The Assessing Officer, after giving credit to the amount of ₹ 4,44,46,377/- actually paid, disallowed the balance amount of ₹ 4,42,53,309/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntioned in the Schedule I hereto and payable on the interest payment 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) Each of the financial institutions specified in this subsection shall be regarded 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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