https://www.taxtmi.com/caselaws?id=106804 A lease arrangement may be treated as a finance lease where its substance shows financing rather than a mere hiring of assets: the lessee selected and used the cars, bore the risks and expenses, and the asset was substantially paid for through the lease structure. In such a case, property under the relevant Act remains subject to obligations incurred by the notified party, unless the transaction is fraudulent or designed to defeat the Act. If any balance remains unpaid, the proper course is to settle accounts and direct payment of the deficit, rather than order surrender of the cars to the custodian. en-us Wed, 27 Oct 2004 00:00:00 +0530 Wed, 30 Jul 2025 16:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106804 A lease arrangement may be treated as a finance lease where its substance shows financing rather than a mere hiring of assets: the lessee selected and used the cars, bore the risks and expenses, and the asset was substantially paid for through the lease structure. In such a case, property under the relevant Act remains subject to obligations incurred by the notified party, unless the transaction is fraudulent or designed to defeat the Act. If any balance remains unpaid, the proper course is to settle accounts and direct payment of the deficit, rather than order surrender of the cars to the custodian. Case-Laws Indian Laws Wed, 27 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106804