Bench: Shri Sandeep Singh Karhail, Hon’Ble & Shri Omkareshwar Chidara, Hon’Bleआयकर अपील सं./I.T.A. No. 657/Viz/2025 (निर्धारण वर्ा/ Assessment Year:2012-13) Visakhapatnam Industrial Water V. Dy. Cit – Circle – 5(1) Supply Company Limited Visakhapatnam Gvmc Room No.204 Tenneti Bhavan, Asilmetta Junction Visakhapatnam – 530002 Andhra Pradesh [Pan: Aabcv2240H] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent)

disallowed under section 43B of the Act. In response, the assessee submitted that from a careful reading of section 43B r.w.s. 4A of the Companies Act, 1956, which defines the term “Public Financial Institution”, APIICL is not a public financial institution, and hence it is outside the purview of section 43B of the Act. Further, the assessee submitted that