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TMI Blog1991 (5) TMI 94X X X X Extracts X X X X X X X X Extracts X X X X ..... "4. Ground of appeal No. 4 is against disallowance of rs 46,284 under s. 43B of the IT Act, payable to M/s Himachal Pradesh financial Corporation being interest on loan taken from them. The disallowance under s. 43B in respect of State Financial Corporation is applicable from 1st april, 1991. In view of this the disallowance is not justified and is accordingly deleted." 2. The Revenue's ground of appeal should be brought in close focus to project its grievance because if the provision and the enlargement of sub-s. (d) by the Financial Act, 1990 had been closely looked into, it would have been noticed that there was no cause of action for filing the present appeal: "1. On the facts and in the circumstances of the case the ld. CIT(A) has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing anything contained in any other provision of this act, a deduction otherwise allowable under this Act in respect of— (a) xxx xxx xxx (b) xxx xxx xxx (c) xxx xxx xxx (d) any sum payable by the assessee as interest on any loan or borrowing from any Public financial institution in accordance with the terms and conditions of the agreement governing such loan or borrowing, shall be allowed (irrespective of the previous year in which the liability to pay such sum was incurred by the assessee according to the method of accounting regularly employed by him) only in computing the income referred to in s. 28 of that previous year in which such sum is actually paid by him". By the financial Act, 1990, sub-s. (D) was enlarged w.e.f 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (ii) the Industrial Financial Corporation of India, established under s. 3 of the Industrial Financial Corporation Act, 1948; (iii) the Industrial Development Bank of India, established under s.3 of the Industrial Development Bank of India Act, 1964; (iv) the Life Insurance Corporation of India, established under s. 3 of the Life Insurance Corporation Act, 1956; (v) the Unit Trust of India, established under s. 3 of the Unit Trust of India Act, 1963. (2) Subject to the provisions of sub-s. (1), the Central government may by notification in the Official Gazette, specify such other institution as it any think fir to be a public financial institution : Provided that no institution shall be so specified unless — (i) it has been esta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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