Commercial Motors Finance Ltd. vs Assistant Commissioner Of Income Tax*

Authority: ITAT Tribunal/Court: Lucknow Date: 2001-09-28 Section: 35A, 37(1) Acts: Interest-tax Act, 1974; Income Tax Act, 1961 Citation: (2002) 76 TTJ (Lucknow) 918 : (2002) 82 ITD 176 (Lucknow) Justices: P.N. Parashar, J.M. & Mohan Singh, A.M. Appeal No: Interest Tax Appeal No. 6/All/1999; Asst. yr. 1994-95
Whether finance charges earned from hire-purchase transactions constitute 'chargeable interest' under the Interest-tax Act, 1974 --- Held Yes; Whether reassessment proceedings under section 10(a) of the Interest-tax Act were validly initiated --- Held Yes; Whether notice under section 10 was validly issued and served --- Held Yes

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