https://www.taxtmi.com/caselaws?id=184071 The court held that the respondent, engaged in chitty business, is not liable to be assessed under the Interest Tax Act for interest received in hire purchase business. The respondent's principal business of chitty business does not qualify them as a hire-purchase finance company or any other type of financial company under the Act. The court determined that chitty business, which involves collecting kuri subscription and paying prize amounts, does not fall within the definition of a financial company as per the Act. The appeals were dismissed, upholding the Tribunal's decision that the respondent's principal business does not fall within the Act's scope. en-us Tue, 22 Dec 2009 00:00:00 +0530 Wed, 29 Jun 2016 10:01:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184071 The court held that the respondent, engaged in chitty business, is not liable to be assessed under the Interest Tax Act for interest received in hire purchase business. The respondent's principal business of chitty business does not qualify them as a hire-purchase finance company or any other type of financial company under the Act. The court determined that chitty business, which involves collecting kuri subscription and paying prize amounts, does not fall within the definition of a financial company as per the Act. The appeals were dismissed, upholding the Tribunal's decision that the respondent's principal business does not fall within the Act's scope. Case-Laws Income Tax Tue, 22 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184071