Dismissing the appeal, that the finding of fact as recorded by the Tribunal was that the outstanding amount of interest to the tune of Rs. 2,70,00,000 payable to the ICICI-Ltd. was extinguished by offering shares for which a receipt was also issued by the ICICI-Ltd. by letter dated September 3, 2001.  The payment of interest had been made by issue of fully paid up shares to ICICI-Ltd. The Appellate Tribunal was right in law and on facts in directing to allow Rs. 2.70 crores being interest payable to ICICI-Ltd. under section 43B.Followed  M.M. Aqua Technologies Ltd. v. CIT (2021) 436 ITR 582 (SC) (AY. 2001-02)