https://www.taxtmi.com/caselaws?id=259244 The court determined that the agreement in question was a finance agreement rather than a lease agreement, making the interest component taxable under Section 2(7) of the Interest Tax Act. The court found that the lessee assumed ownership-like responsibilities typical of a finance lease, and the total amount paid exceeded the equipment's purchase price, indicating a finance interest component. Consequently, the court held the assessee liable for interest tax and overturned the ITAT's decision, reinstating the Assessing Officer's order to levy interest tax on the interest component. en-us Wed, 01 Apr 2015 00:00:00 +0530 Sat, 07 Nov 2015 12:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259244 The court determined that the agreement in question was a finance agreement rather than a lease agreement, making the interest component taxable under Section 2(7) of the Interest Tax Act. The court found that the lessee assumed ownership-like responsibilities typical of a finance lease, and the total amount paid exceeded the equipment's purchase price, indicating a finance interest component. Consequently, the court held the assessee liable for interest tax and overturned the ITAT's decision, reinstating the Assessing Officer's order to levy interest tax on the interest component. Case-Laws Income Tax Wed, 01 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259244