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of <h1>Hire Purchase & Service Charges Not Chargeable Interest: High Court Decision</h1> <h3>Commissioner of Income-Tax Versus Harita Finance Limited.</h3> Commissioner of Income-Tax Versus Harita Finance Limited. - [2006] 283 ITR 370 The High Court of Madras ruled that hire purchase finance charges and service charges do not constitute chargeable interest under the Interest-tax Act. The court upheld the finding of the Appellate Tribunal that the agreement in question was a hire purchase agreement. The judgment was in favor of the assessee, with no costs awarded.
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