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TMI Blog2014 (5) TMI 237X X X X Extracts X X X X X X X X Extracts X X X X ..... s M/s. Commercial Motors Finance Ltd. [2013 (12) TMI 848 - ALLAHABAD HIGH COURT] - the hire charges received by the assessee under the hire purchase agreement is an interest on loan and liable to tax under Interest Tax Act, 1974 – Decided against Assessee. - Income Tax Appeal No. - 147 of 2003, INCOME TAX APPEAL No. - 481 of 2012, INCOME TAX APPEAL No. - 482 of 2012, INCOME TAX APPEAL , o. - 483 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re purchase transactions were interest chargeable under section 2 (7) of the Interest Tax Act 1974 read with section 5 and 6 of the Interest Tax Act, 1974. (ii) Whether the Tribunal and authorities below are justified in holding that the hire purchases received by the appellant under the hire purchase agreement was in fact interest on loans and advances and, therefore, chargeable to Interest Ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ely covered by the decision of the Division Bench of this Court in the case of Commissioner of Income Tax vs. Commercial Motors Finance Ltd. reported in 2014, 264 CTR against the assessee and in favour of the revenue, wherein it has been held that the hire charges received by the assessee under the hire purchase agreement is an interest on loan and liable to tax under Interest Tax Act, 1974. Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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