TaxTMI 
TaxTMI 
2014 (1) TMI 1590
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....orders dated February 22, 2007, and February 5, 2007. However, no substantial question of law was formulated at the time of admission. Since all these matters have come up for final hearing, the court in order to discharge the statutory obligation, ventures to formulate the following sub- stantial question of law. "Whether the learned Tribunal, on the facts and in the circum- stances of this case....
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.... the price of the goods, it is optional for the hirer to buy up to become owner or not. In the event, he exercises his option to buy them, then, the owner of the goods is bound to convey the same by transferring title in favour of the hirer. On the other hand, if the hirer does not exercise his option, then the goods in question must be returned and the payments so far made are treated to be renta....
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....he option to purchase exercisable by the customer on pay- ment of all the instalments of hire arises when the instalments are paid and not before. In such a hire purchase agreement there is no agreement to buy goods ; the hirer being under no legal obligation to buy, has an option either to return the goods or to become its owner by payment in full of the stipulated hire and the price for exercisi....