https://www.taxtmi.com/highlights?id=79388 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. en-us Sat, 13 Jul 2024 18:55:33 +0530 Sat, 13 Jul 2024 18:55:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=79388 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. Highlights Income Tax Sat, 13 Jul 2024 18:55:33 +0530 https://www.taxtmi.com/highlights?id=79388