9911796707
TMI Blog2003 (4) TMI 228X X X X Extracts X X X X X X X X Extracts X X X X ..... 96-97. 2. The grounds of appeal taken up by the assessee revolve around the point related to the prima facie adjustment of Rs. 18,35,000 on account of interest debited to P L a/c but not paid during the year under consideration. 3. The AO made prima facie adjustment of Rs. 18,35,000, amongst others, on account of interest payable to West Bengal Industrial Development Corpn. Ltd. (for short, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it report that interest to WBIDC amounting to Rs. 18,35,000 is debited to P L a/c but not paid during the year under consideration and nothing more than that. On perusal of the provisions of cl. (d) of s. 43B of the Act, we find that any sum payable as interest on any loan or borrowing from any public financial institution or State Financial Corpn. or State Industrial Investment Corpn., in accorda ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not clear as to whether this amount was payable during the year itself in accordance with the terms and conditions of the agreement. The tax audit report enclosed with the return of income has given no such information as to the point as to when the interest in question had become payable. Thus, in the absence of any information in the form of statement of account or other papers accompanying the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the provisions of s. 143(1)(a) of the Act. In this connection we may refer to a decision of Tribunal, 'E' Bench, Kolkata, in the case of Dy. CIT vs. Telelink Nicco Ltd. (2001) 73 TTJ (Cal) 28, on which a strong reliance has been placed by the learned counsel for the assessee. A similar view has been adopted by the Tribunal in the above-mentioned case of Telelink Nicco Ltd. for the reasons give ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
