https://www.taxtmi.com/caselaws?id=755508 The HC held that LIC Mutual Fund cannot be regarded as a Public Financial Institution under Section 43B of the Income Tax Act, 1961 read with Section 4A of the Companies Act, 1956. The court found that the exhaustive list in Section 4A does not include LIC Mutual Fund, and no notification specified it as such. Consequently, interest provisions on unsecured debentures payable to LIC Mutual Fund are not covered by Section 43B restrictions. The tribunal's disallowance was set aside, with substantial questions of law answered in favor of the assessee. en-us Tue, 02 Jul 2024 00:00:00 +0530 Sat, 13 Jul 2024 08:23:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755508 The HC held that LIC Mutual Fund cannot be regarded as a Public Financial Institution under Section 43B of the Income Tax Act, 1961 read with Section 4A of the Companies Act, 1956. The court found that the exhaustive list in Section 4A does not include LIC Mutual Fund, and no notification specified it as such. Consequently, interest provisions on unsecured debentures payable to LIC Mutual Fund are not covered by Section 43B restrictions. The tribunal's disallowance was set aside, with substantial questions of law answered in favor of the assessee. Case-Laws Income Tax Tue, 02 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755508