https://www.taxtmi.com/caselaws?id=65398 The Tribunal concluded that the lease transactions, deemed as finance/loan transactions, are chargeable to interest-tax under the Interest-tax Act. Relying on the Special Bench decision in Gujarat Gas Financial Services Ltd., the Tribunal emphasized the substance of the transactions over their form. The matter was remanded to the Assessing Officer for accurate quantification of the interest component in lease rentals. The appeal was partly allowed for statistical purposes, affirming the taxability of the interest component and directing further assessment by the AO. en-us Mon, 29 Dec 2008 00:00:00 +0530 Sun, 20 Jan 2013 19:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65398 The Tribunal concluded that the lease transactions, deemed as finance/loan transactions, are chargeable to interest-tax under the Interest-tax Act. Relying on the Special Bench decision in Gujarat Gas Financial Services Ltd., the Tribunal emphasized the substance of the transactions over their form. The matter was remanded to the Assessing Officer for accurate quantification of the interest component in lease rentals. The appeal was partly allowed for statistical purposes, affirming the taxability of the interest component and directing further assessment by the AO. Case-Laws Income Tax Mon, 29 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65398