COMMON JUDGMENT

(Judgment of the Court was delivered by R. MAHADEVAN, J.)

These tax case appeals at the instance of the Revenue are directed against the orders passed by the respective Benches of the Income Tax Appellate Tribunal, Chennai, relating to the assessment years 2003-04, 2004-05, 2005-06, 2006-07, 2007-08, 2008-09, 2009-10, 2010-11 and 2011-12.

2.1. By order dated 14.10.2008, this court admitted the appeal in T.C.A.No.1406 of 2008 on the following substantial question of law:

“Whether on the facts and in the circumstance of the case, the Income-tax Appellate Tribunal was right in law in holding that the interest on loan borrowed from the Tamil Nadu Government and Infrastructure and Leasing Financial Services Ltd has accrued during the previous, even though the liability to pay interest cannot be stated to have accrued until after 5 years and that too, is payable half yearly instalments along with principal amount beginning from 1st May 2013 and ending with 1st November 2022?”

2.2. By order dated 21.12.2009, T.C.A.Nos.1382 & 1383 of 2009 were admitted on the following substantial questions of law:

“Whether on the facts and circumstances of the case, the Appellate Tribunal was right in holding that the interest on loan borrowed from Tamil Nadu Government Infrastructure and Leasing Financial Services Ltd had accrued during the previous year when the interest is actually payable only after the expiry of moratorium period of five years?”

2.3. This court admitted the appeals in T.C.A.Nos.87 & 483 of 2011 on the following substantial questions of law, vide respective orders dated

02.03.2011 and 08.11.2011:

“(i) Whether on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in holding that interest on loan borrowed from the Tamil Nadu Government and M/s.Infrastructure and Leasing Financial Ltd had accrued during the previous year even though there was a moratorium for five years as per the agreement and the interest was payable only after the expiry of the said five year period?

(ii) Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in holding that the provisions of Section 43B(d) and Explanation 3C to Section 43B were not applicable to the facts of this case?”

2.4. On 02.09.2014, the appeal in T.C.A.No.619 of 2014 was admitted on the following substantial question of law:

“Whether on the facts and circumstances of the case, the Appellate Tribunal was right in holding that the interest on loan borrowed from Tamil Nadu Government and Infrastructure and Leasing Financial Services Ltd. had accrued during the previous year when the interest is actually payable only after the expiry of moratorium period of five years?”

2.5. By order dated 24.11.2015, this court admitted the appeals in T.C.A.Nos.928 & 929 of 2015 on the following substantial questions of law:

“(i) Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in holding that the interest on loan borrowed from the Government of Tamil Nadu and Infrastructure and Leasing Financial Services Limited had accrued during the previous year even though there was moratorium for five years as per the agreement as per which interest is actually payable only on 1.5.2013 and not before the said date?

(ii) Is not the finding of the Tribunal bad, by holding that the provisions of Section 43B(d) and Explanation 3(C)

to Section 43B are not applicable to the facts of the case?”

2.6. On 26.10.2015, the appeal in T.C.A.No.941 of 2015 was admitted on the following substantial questions of law:

“(i) Whether on the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in holding that the provisions of Section 43B(d) and Explanation 3C to Section 43B were not applicable to the facts of this case?

(ii) Whether on the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in deleting the addition made by the Assessing Officer