https://www.taxtmi.com/caselaws?id=419001 The High Court set aside the Tribunal's orders and remanded the matters to the Assessing Officer to determine if Infrastructure Leasing and Financial Services Ltd (IL&FS) qualifies as a public financial institution. If affirmed, Section 43B(d) and Explanation 3C would apply, necessitating reassessment of interest deductions. The AO was directed to provide an opportunity for hearing to all parties and to conclude the reassessment within eight weeks from the receipt of the judgment. All tax case appeals were disposed of accordingly, with no costs awarded. en-us Tue, 15 Feb 2022 00:00:00 +0530 Mon, 10 Oct 2022 10:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419001 The High Court set aside the Tribunal's orders and remanded the matters to the Assessing Officer to determine if Infrastructure Leasing and Financial Services Ltd (IL&FS) qualifies as a public financial institution. If affirmed, Section 43B(d) and Explanation 3C would apply, necessitating reassessment of interest deductions. The AO was directed to provide an opportunity for hearing to all parties and to conclude the reassessment within eight weeks from the receipt of the judgment. All tax case appeals were disposed of accordingly, with no costs awarded. Case-Laws Income Tax Tue, 15 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419001