Supreme Court Allows Assessees in Interest Tax Act Case on Hire-Purchase Instalments. Hire-purchase agreements are distinct from loans, and interest component in instalments is not taxable under Section 2(7) of the Interest-Tax Act, 1974, as it does not constitute interest on loans and advances.
3 Jan 2023The dispute involved a batch of civil appeals concerning the tax liability of non-banking finance and leasing companies under the Interest-Tax Act, 19...
