2009 (3) TMI 1114

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....E APPELLANT : BY ADV. SRI.JOSE JOSEPH, SC, FOR INCOME TAX JUDGMENT Ramachandran Nair, J. Heard Standing Counsel appearing for the appellant. After hearing the counsel and after going through the orders of the Tribunal, we find that the main issue raised i.e. liability for interest tax on finance charges and hire purchase charges received, is squarely covered by decision of this court in C....

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....given by the assessee to employees are not in the form of loans or advances on commercial lines, but is part of conditions of service of the employees. Default interest received on hire purchase and finance charges received will also be subject to interest tax under the Interest Tax Act because in the decision above referred we have held that finance charges and hire purchase charges received attr....