https://www.taxtmi.com/caselaws?id=156528 In a genuine hire-purchase arrangement, the true substance of the written commercial terms determines tax character: where the dealer pays the distributor, the vehicle remains in the dealer's name, and ownership passes only on full repayment and exercise of the purchase option, the transaction is a sale on exercise of that option rather than a mere financing loan. The Court treated the promissory note and registration entries as insufficient to change that character, distinguished a loan secured on goods, and applied the earlier similar hire-purchase decision as controlling. en-us Mon, 23 Jul 1990 00:00:00 +0530 Sat, 21 Sep 2013 14:13:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=156528 In a genuine hire-purchase arrangement, the true substance of the written commercial terms determines tax character: where the dealer pays the distributor, the vehicle remains in the dealer's name, and ownership passes only on full repayment and exercise of the purchase option, the transaction is a sale on exercise of that option rather than a mere financing loan. The Court treated the promissory note and registration entries as insufficient to change that character, distinguished a loan secured on goods, and applied the earlier similar hire-purchase decision as controlling. Case-Laws VAT and Sales Tax Mon, 23 Jul 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=156528