https://www.taxtmi.com/caselaws?id=261095 The Court concluded that the hire purchase agreement was a genuine hire purchase transaction, not a financing arrangement. Therefore, the hire charges received were not classified as interest liable to tax under the Interest Tax Act, 1974. The appeal was allowed in favor of the assessee, setting aside the Tribunal's judgment. The Court emphasized the importance of examining the substance of the transaction, highlighting that accounting treatment or non-claiming of depreciation does not change the nature of a hire purchase agreement. en-us Mon, 30 Mar 2015 00:00:00 +0530 Sat, 07 Nov 2015 12:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261095 The Court concluded that the hire purchase agreement was a genuine hire purchase transaction, not a financing arrangement. Therefore, the hire charges received were not classified as interest liable to tax under the Interest Tax Act, 1974. The appeal was allowed in favor of the assessee, setting aside the Tribunal's judgment. The Court emphasized the importance of examining the substance of the transaction, highlighting that accounting treatment or non-claiming of depreciation does not change the nature of a hire purchase agreement. Case-Laws Income Tax Mon, 30 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261095