Tribunal Rules Hire Purchase Agreements as Loans, Classifies Under Banking Services, Sets Aside Demand.

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....Classification of services - Banking and other Financial Services or otherwise? - CESTAT has returned a clear finding that hire purchase is but loan and that hirer obtains goods from the seller and the banking and financial institution finalised the purchase of the goods with the title firmly resting with the hirer with the financial institution vested with the right to acquire possession of the goods through judicial intervention - Order of tribunal setting aside the demand confirmed - HC....