Tribunal allowed assessee’s claim on ground that promoters were not covered by definition of ‘public financial institution’ as per Explanation 4 to section 43B and thus, provisions of section 43B(d) read with Explanation 3C would not be attracted in assessee’s case where interest liability was accrued but not paid. Court held that since Tribunal had not verified whether IL&FS was a public financial institution or not and merely held that both promoters were not covered under definition of ‘public financial institutions’, orders were to be set aside and matter was to be remanded to Assessing Officer. (AY. 2003-04 to 2011-12)