https://www.taxtmi.com/caselaws?id=327940 The ITAT determined that the transactions were hire purchase agreements, with the assessee as the owner of the goods hired to customers. The ITAT found that the hirers were not the owners of the vehicles, as evidenced by registration certificates showing the hirers as owners under hire purchase agreements with the assessee. Consequently, the interest tax levy was deemed inapplicable, leading to the deletion of interest tax amounts for the assessment years 1997-98 and 1998-99. The appeals of the assessee were allowed, and the interest tax levy was removed. en-us Tue, 12 Apr 2016 00:00:00 +0530 Mon, 23 May 2016 09:56:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327940 The ITAT determined that the transactions were hire purchase agreements, with the assessee as the owner of the goods hired to customers. The ITAT found that the hirers were not the owners of the vehicles, as evidenced by registration certificates showing the hirers as owners under hire purchase agreements with the assessee. Consequently, the interest tax levy was deemed inapplicable, leading to the deletion of interest tax amounts for the assessment years 1997-98 and 1998-99. The appeals of the assessee were allowed, and the interest tax levy was removed. Case-Laws Income Tax Tue, 12 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327940