https://www.taxtmi.com/caselaws?id=210745 The High Court ruled in favor of the assessee on both issues. It held that the finance charges in lease transactions were hire purchase charges, not interest, therefore not taxable under the Interest Tax Act. Additionally, the interest tax components collected from customers were not considered as chargeable interest for taxation purposes. The Court upheld the decisions, stating there was no liability for the assessee to pay tax on the amounts collected. en-us Mon, 05 Sep 2011 00:00:00 +0530 Wed, 22 Feb 2012 07:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210745 The High Court ruled in favor of the assessee on both issues. It held that the finance charges in lease transactions were hire purchase charges, not interest, therefore not taxable under the Interest Tax Act. Additionally, the interest tax components collected from customers were not considered as chargeable interest for taxation purposes. The Court upheld the decisions, stating there was no liability for the assessee to pay tax on the amounts collected. Case-Laws Income Tax Mon, 05 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210745