https://www.taxtmi.com/caselaws?id=5146 Receipts from shop arrangements are determined by substance, not form, when deciding whether they arise from a lease or a usufructuary mortgage. A usufructuary mortgage involves delivery of possession to the mortgagee with authority to retain it and appropriate rents and profits towards the debt, while a lease transfers a right to enjoy property for rent or premium. Reading the deeds as a whole, the shop construction, continued possession for a fixed period, and application of usufruct to liquidation of the advance indicated mortgage-like arrangements. The absence of interest or an express redemption clause did not, by itself, convert the transaction into a lease. en-us Fri, 05 Sep 1969 00:00:00 +0530 Thu, 20 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5146 Receipts from shop arrangements are determined by substance, not form, when deciding whether they arise from a lease or a usufructuary mortgage. A usufructuary mortgage involves delivery of possession to the mortgagee with authority to retain it and appropriate rents and profits towards the debt, while a lease transfers a right to enjoy property for rent or premium. Reading the deeds as a whole, the shop construction, continued possession for a fixed period, and application of usufruct to liquidation of the advance indicated mortgage-like arrangements. The absence of interest or an express redemption clause did not, by itself, convert the transaction into a lease. Case-Laws Income Tax Fri, 05 Sep 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5146