Supreme Court of India
M/s. Muthoot Leasing and Finance Limited and Another v. Commissioner of Income Tax
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
From the headnote
Interest Tax Act,1974 – s.2(5- ) and s.2(5- ) – Hire-purchase agreements – Appellants-assessees are credit institutions within meaning of s.2(5- ) – Whether appellants-assessees liable to pay tax on interest component included in hire-purchase instalments paid under hire-purchase agreements – 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 advances that is…
Authorities it was built on
- 2010 Association of Leasing and Financial Service Companies v. Union of India and Ors.
- 1965 Sundaram Finance Ltd. v. State Op Kerala and Another
- 1964 K. L. Johar and Company v. Deputy Commercial Tax Officer
- 2015 M/s. State Bank of Patiala through General Manager v. Commissioner of Income Tax, Patiala
Sign in free to read it
- The full judgment, page by page, as published in the Supreme Court Reports
- The ratio: what the Court held, verbatim, with the page it sits on
- Every bench that relied on it, and every bench that argued against it
- Search every reported judgment, by party, citation or question
- Download the PDF, copy pinpoint citations ready for a filing
An email address, no password.