https://www.taxtmi.com/caselaws?id=207728 The article explains that, under the Interest Tax Act, reassessment may be sustained where recorded reasons show a financing character to the transactions and the assessee's objections do not raise a distinct jurisdictional challenge requiring a separate speaking order. It also states that hire purchase documentation will not control tax treatment where the surrounding facts show a real financing arrangement. On the facts discussed, vehicle transactions, registration and delivery arrangements, and payment of tax and insurance by customers indicated that the receipts were consideration for money advanced. The practical effect is that such hire charges are treated as chargeable interest rather than exempt hire purchase receipts. en-us Thu, 01 Dec 2011 00:00:00 +0530 Thu, 21 Apr 2016 11:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207728 The article explains that, under the Interest Tax Act, reassessment may be sustained where recorded reasons show a financing character to the transactions and the assessee's objections do not raise a distinct jurisdictional challenge requiring a separate speaking order. It also states that hire purchase documentation will not control tax treatment where the surrounding facts show a real financing arrangement. On the facts discussed, vehicle transactions, registration and delivery arrangements, and payment of tax and insurance by customers indicated that the receipts were consideration for money advanced. The practical effect is that such hire charges are treated as chargeable interest rather than exempt hire purchase receipts. Case-Laws Income Tax Thu, 01 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207728