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Section 43B inapplicable to LIC Mutual Fund as it is not a Public Financial Institution u/s 4A of Companies Act, 1956. List of Public Financial Institutions is exhaustive, not illustrative. LIC Mutual Fund not notified as Public Financial Institution nor satisfies conditions u/s 4A(2). Hence, interest provision made by assessee towards unsecured debentures payable to LIC Mutual Fund allowable, cannot be disallowed u/s 43B. Tribunal erred in holding LIC Mutual Fund as Public Financial Institution u/s 43B. Disallowance invoking Section 43B unsustainable. Substantial questions of law answered in assessee's favor.
Section 43B inapplicable to LIC Mutual Fund as it is not a Public Financial Institution u/s 4A of Companies Act, 1956. List of Public Financial Institutions is exhaustive, not illustrative. LIC Mutual Fund not notified as Public Financial Institution nor satisfies conditions u/s 4A(2). Hence, interest provision made by assessee towards unsecured debentures payable to LIC Mutual Fund allowable, cannot be disallowed u/s 43B. Tribunal erred in holding LIC Mutual Fund as Public Financial Institution u/s 43B. Disallowance invoking Section 43B unsustainable. Substantial questions of law answered in assessee's favor.
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