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2014 (5) TMI 237 - HC - Income TaxChargeability of hire charges – Interest Tax Act, 1974 - Interest on loans and advances - Whether the hire charges received by the assessee under the hire purchase agreement was in fact interest on loans and advances – Held that:- Following Commissioner of Income Tax-Ii Versus 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.
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