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2004 (11) TMI 38 - HC - Income TaxComputation of chargeable interest under Interest-tax Act 1974 - income from hire-purchase charges – scope of the definition of "interest" under section 2(7) - Commissioner of Interest-tax (Appeals) held that the hire-purchase transactions, in substance, were arrangements for lending money and that the hire charges earned in such transactions were in the nature of interest within the meaning of section 2(7) - Tribunal has accepted the assessee's claim that hire-purchase charges earned on hire-purchase transactions cannot be treated as interest under the Act. - We are, satisfied that these appeals have been filed merely on the basis of an apprehension that the Assessing Officer is bound to misconstrue the orders of the Commissioner of Interest-tax (Appeals) and levy tax on the hire-purchase charges on the basis of the findings recorded by him. As already discussed, we do not find any scope for the assessee to entertain such an apprehension. - we do not find any merit in these two appeals which are dismissed in limine.
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