Interest on borrowings from public financial institutions becomes deductible when paid as per the loan agreement. Amendment substitutes clause (a) to include sums payable as tax, duty, cess or fee, inserts a new clause (d) treating interest payable in accordance with the loan agreement to a public financial institution as deductible, adds 'or clause (d)' to the first proviso and Explanation 2, and inserts Explanation 3 defining 'public financial institution' by reference to section 4A of the Companies Act, 1956.
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Provisions expressly mentioned in the judgment/order text.
Interest on borrowings from public financial institutions becomes deductible when paid as per the loan agreement.
Amendment substitutes clause (a) to include sums payable as tax, duty, cess or fee, inserts a new clause (d) treating interest payable in accordance with the loan agreement to a public financial institution as deductible, adds "or clause (d)" to the first proviso and Explanation 2, and inserts Explanation 3 defining "public financial institution" by reference to section 4A of the Companies Act, 1956.
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