Applicability of Sec.194A to hire purchase agreements.

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Full Text of the Document

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....yment of interest within the meaning of sec.2(28A) of the I.T.Act thereby attracting the provisions of section 194 A of the said Act, This has been examined by the board in consultation with the Ministry of law. 2. In a hire purchase contract the owner delivers goods to another person upon terms on which the hirer is to hire them at a fixed periodical rental. The hirer has also the option of pu....