S. RAVINDRA BHAT, J.

1. This review petition by the assessee seeks recall of the judgment and order of this court, dated 18.05.2015, allowing the revenue’s appeal under Section 263-A of the Income Tax Act (“the Act”).

2. The brief facts are that the assessee claimed deduction to the tune of Rs. 2,84,71,384/-under Section 43B of the Act, in the computation of income. The interest was paid to the financial institutions during the assessment year in question by issuing non-convertible debentures to such institutions. The Assessing Officer (AO) had rejected the assessee’s claim for deduction, holding that the issue of debentures for the interest payable does not amount to actual payment of interest and conditions of Section 43 B of the Act were, therefore, not satisfied. The Commissioner of Income Tax (CIT), who allowed the appeal, accepted the assessee’s contentions. The Income Tax Appellate Tribunal (ITAT) rejected the revenue’s appeal it, therefore, approached this court, under Section 263-A. This court had admitted the appeal and framed the following question of law, on 20-04-2005:

"Whether the funding of the interest amount by way of a term 'debenture' amounts to actual pay