Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights March 2015 Year 2015 This

Hire Purchase Finance charges - whether should be assessable to ...


Court Rules EMI Method Valid for Taxing Hire Purchase Finance Charges; No Income Suppression Found.

March 27, 2015

Case Laws     Income Tax     HC

Hire Purchase Finance charges - whether should be assessable to tax on sum of Digits basis as against Equated Monthly Instalments basis regularly followed by the Appellant? - EMI method followed by the assessee for the purpose of tax did not show any suppression of income - HC

View Source

 


 

You may also like:

  1. Difference in method of accounting adopted - EMI method to account the finance charges for the income tax purposes and SOD Method to arrive at balance sheet and profit...

  2. Demand of service tax on the interest earned from hire purchase finance transactions. - The Tribunal observes that the ownership of the goods remains with the customers,...

  3. Method of communication of notice - The High Court examined the provisions of Section 282(1) of the Income Tax Act, 1961 and Rule 127(1) of the Income Tax Rules, 1962...

  4. Recovery of sales tax dues - encumbered property or not - liability of auction purchasers - this is a clear case in which the Sales Tax Department had a charge on the...

  5. 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 - HC

  6. Acquittal of charge u/s 276CC - respondent has failed to comply with the provisions contained u/s 139(1) and he has submitted the income tax returns after a delay of 28...

  7. The charges collected by the appellant from customers towards statutory obligations like electricity charges, water charges, and legal fees are reimbursable expenses and...

  8. Electricity meter installed in consumers premises and hire charges collected – no service tax

  9. The HC ruled against the approach of estimating profit (at 12.5%) on bogus purchases, finding it contradictory to Section 69C of the Income Tax Act. The court reasoned...

  10. Impugned show cause notice for shortfall in service tax payment based on Rule 5(1) of Service Tax (Determination of Value) Rules, 2006 quashed as ultra vires Section 67...

  11. The High Court held that u/r 11UA(2) of the Income Tax Rules, 1962, the assessee has the option to choose between the Net Asset Value method or the Discounted Cash Flow...

  12. Claim of deduction - lease equalization charge - After referring to the Guidance Note on Accounting for Leases, revised in the year 1995, Supreme Court held that method...

  13. Constitutionality and legality of Income Computation and Disclosure Standards (ICDS) II and Notification 87/2016, which mandate the use of the First In First Out (FIFO)...

  14. Method of valuation - Rule 11 is adopted when the situation is not covered by any of the other methods of valuation prescribed from Rule 4 to 10A. The method of...

  15. Safe Harbour Rule - Income-tax (18th Amendment) Rules, 2022 - Amends Rule 10TD - Notification

 

Quick Updates:Latest Updates