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Supreme Court Allows Assessees' Appeals in Interest Tax Dispute on Hire-Purchase Transactions. The interest component in hire-purchase instalments is not taxable under Section 2(7) of the Interest-Tax Act, 1974 as hire-purchase transactions are not loans or advances.

The Supreme Court allowed the appeals filed by M/s Muthoot Leasing and Finance Limited and other assessees, setting aside the judgment of the Kerala H...