https://www.taxtmi.com/caselaws?id=432538 Under the Interest-Tax Act, 1974, the interest element embedded in genuine hire-purchase instalments was held not to be taxable as interest on loans and advances because Section 2(7) is confined to interest directly arising from loans and advances. On the facts found by the Tribunal, hire-purchase receipts retained the character of hire consideration, not interest simpliciter, and prior case law under other tax statutes could not expand the charging provision. The High Court was also found unjustified in disturbing the Tribunal's factual findings without framing and answering a substantial question of law, so the Tribunal's deletion of the additions was restored. en-us Tue, 03 Jan 2023 00:00:00 +0530 Mon, 27 Feb 2023 10:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432538 Under the Interest-Tax Act, 1974, the interest element embedded in genuine hire-purchase instalments was held not to be taxable as interest on loans and advances because Section 2(7) is confined to interest directly arising from loans and advances. On the facts found by the Tribunal, hire-purchase receipts retained the character of hire consideration, not interest simpliciter, and prior case law under other tax statutes could not expand the charging provision. The High Court was also found unjustified in disturbing the Tribunal's factual findings without framing and answering a substantial question of law, so the Tribunal's deletion of the additions was restored. Case-Laws Income Tax Tue, 03 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432538