https://www.taxtmi.com/caselaws?id=207728 Reassessment under the Interest Tax Act may be validly initiated on recorded reasons founded on an earlier finding that the activity was financing rather than hire purchase, particularly where the notice is issued within four years and objections do not specifically challenge the recorded reasons or jurisdiction. Vehicle transactions must be assessed by their real substance: registration in customers' names, direct dealer delivery, and customers' payment of road tax and insurance can indicate that documentation labelled as hire purchase merely secures repayment of finance advanced. Hire charges arising from such financing arrangements constitute 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 Reassessment under the Interest Tax Act may be validly initiated on recorded reasons founded on an earlier finding that the activity was financing rather than hire purchase, particularly where the notice is issued within four years and objections do not specifically challenge the recorded reasons or jurisdiction. Vehicle transactions must be assessed by their real substance: registration in customers' names, direct dealer delivery, and customers' payment of road tax and insurance can indicate that documentation labelled as hire purchase merely secures repayment of finance advanced. Hire charges arising from such financing arrangements constitute 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