Supreme Court · 2023 INSC 5 · Decided 3 January 2023
M/S. Muthoot Leasing and Finance Limited and Another v. Commissioner of Income Tax
- Court
- Supreme Court of India
- Citation
- 2023 INSC 5 · [2023] 1 S.C.R. 317
- Case number
- CIVIL APPEAL No. 10201/2010
- Decided
- 3 January 2023
- Bench
- SANJIV KHANNA, M.M. SUNDRESH (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Constitution Article 141; Motor Vehicles Act Section 51
Headnote
Interest Tax Act,1974 - s.2(5-A) and s.2(5-B) - Hire-purchase agreements - Appellants-assessees are credit institutions within meaning of s.2(5-A) - Whether appellants-assessees liable to pay tax on interest component included in hire-purchase instalments paid - ITAT referred to CBDT Circular 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 interest tax as hire instalments are not interest on loans and
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