https://www.taxtmi.com/caselaws?id=9634 A hire purchase agreement was found on the facts, and the High Court accepted the Appellate Tribunal's factual finding that the Revenue had not shown the hirer to be the purchaser or the assessee to be merely a financier. On that basis, the agreement was treated as hire purchase in substance, and no interference was warranted with the finding of fact. The hire purchase finance charges and service charges were not treated as chargeable interest under section 2(7) of the Interest-tax Act, so they were excluded from interest-tax assessment. en-us Tue, 01 Feb 2005 00:00:00 +0530 Sun, 28 Jun 2009 10:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9634 A hire purchase agreement was found on the facts, and the High Court accepted the Appellate Tribunal's factual finding that the Revenue had not shown the hirer to be the purchaser or the assessee to be merely a financier. On that basis, the agreement was treated as hire purchase in substance, and no interference was warranted with the finding of fact. The hire purchase finance charges and service charges were not treated as chargeable interest under section 2(7) of the Interest-tax Act, so they were excluded from interest-tax assessment. Case-Laws Income Tax Tue, 01 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9634