Bhagwandas Auto Finance Ltd. v. Commissioner of Income-tax
[Citation -2015-LL-0330-20]

Citation 2015-LL-0330-20
Appellant Name Bhagwandas Auto Finance Ltd.
Respondent Name Commissioner of Income-tax
Court HIGH COURT OF CALCUTTA
Relevant Act Income-tax
Date of Order 30/03/2015
Judgment View Judgment
Keyword Tags interest chargeable • hire charges • interest tax


ORDER SHEET ITA 567/2004 IN HIGH COURT AT CALCUTTA Special Jurisdiction(income tax) ORIGINAL SIDE BHAGWANDAS AUTO FINANCE LTD. Versus COMMISSIONER OF INCOME TAX BEFORE: Hon'ble JUSTICE GIRISH CHANDRA GUPTA Hon'ble JUSTICE ARINDAM SINHA Date : 30th March, 2015. Mr. P. Bag, Adv. appears. Mr. R.K. Chowdhury, Adv. appears. Court : questions formulated at time of admission of appeal are as follows: (i) Whether on true and proper construction of hire purchase agreements and provisions of section 2(7) of Interest Tax Act, 1974, hire charges received by appellant are interest on loans and advances chargeable to Interest Tax? (ii) Whether purported findings of Tribunal that transactions were loan/financing transactions or that appellant was not owner of vehicles and upholding assessment of hire charges as interest chargeable under Interest Tax Act, 1974 are based on any material and/or have been arrived at by ignoring relevant materials and/or 2 by taking into consideration irrelevant and/or extraneous materials and/or are otherwise arbitrary, unreasonable and perverse? question no.(i) is answered in negative and for favour of assessee for reasons discussed by us in our judgment delivered in ITA No.21 of 2003 and ITA No.227 of 2005. question no.(ii) need not be answered. appeal accordingly stands disposed of. (GIRISH CHANDRA GUPTA, J.) (ARINDAM SINHA, J.) tk Bhagwandas Auto Finance Ltd. v. Commissioner of Income-tax
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