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2011 (9) TMI 586 - KARNATAKA HIGH COURTInterest Tax - Finance charges subject to Interest Tax Act when lease transaction entered by the assessee with its customers where machinery was purchased from finances provided by the assessee - Held That:- In view of G.E. Capital Transportation (2007 - TMI - 4214 - DELHI HIGH COURT), question of law answered against revenue. Amount collected from customers whether chargeable to Interest Tax - Held That:- Separate account in respect of the amounts, though collected as additional which was in fact towards payment of interest-tax does compels us to hold that the amounts so collected were not "interest" within the meaning of Sec. 2(7) of the Act and hence could not be treated as chargeable interest for purposes of the Act. In case of CIT vs Canfin homes ltd. (2011 - TMI - 205684 - KARNATAKA HIGH COURT)
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