Supreme Court of India
M/s. Muthoot Leasing and Finance Limited and Another v. Commissioner of Income Tax
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From the headnote
Interest Tax Act,1974 – s.2(5- ) and s.2(5- ) – Hire-purchas e agreements – Appellants-assessees are credit instit utions within meaning of s.2(5- ) – Whether appellants-assessees liable to pay tax on interest component included in hire-purchase instalme nts paid under hire-purchase agreements – ITAT referred to CBDT ircular No. 760 dated 13th January 1998 and observed that hire-purchase agreement is a composite transaction, and has elements of bailment and sale and appellants-assessees are not liable to pay inter est tax as hire instalments are not interest on loans and advan ces that is
Authorities it was built on
- 2010 Association of Leasing and Financial Service Companies v. Union of India and Ors.
- 1965 Sundaram Finance Ltd. v. State Op Kerala and Another
- 1964 K. L. Johar and Company v. Deputy Commercial Tax Officer
- 2015 M/s. State Bank of Patiala through General Manager v. Commissioner of Income Tax, Patiala
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