https://www.taxtmi.com/caselaws?id=71428 Under a hire-purchase arrangement for acquisition of an industrial unit, ownership passed only on fulfilment of the contractual terms and payment of the final amount, so the periodical instalments had to be bifurcated into revenue hire charges and a capital purchase component. The CBDT circular on hire-purchase applied, requiring the hire element to be allowed as deduction over the term of the agreement while the purchase element remained capital outlay. On the stated facts, the deductible hire portion was allowable in the relevant years and the revenue objection failed. en-us Fri, 31 Aug 1990 00:00:00 +0530 Sat, 23 Apr 2011 13:37:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71428 Under a hire-purchase arrangement for acquisition of an industrial unit, ownership passed only on fulfilment of the contractual terms and payment of the final amount, so the periodical instalments had to be bifurcated into revenue hire charges and a capital purchase component. The CBDT circular on hire-purchase applied, requiring the hire element to be allowed as deduction over the term of the agreement while the purchase element remained capital outlay. On the stated facts, the deductible hire portion was allowable in the relevant years and the revenue objection failed. Case-Laws Income Tax Fri, 31 Aug 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71428