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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...

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Supreme Court Allows Assessees in Interest Tax Act Case on Hire-Purchase Instalments. Hire-purchase agreements are distinct from loans, and interest component in instalments is not taxable under Section 2(7) of the Interest-Tax Act, 1974, as it does not constitute interest on loans and advances.

The dispute involved a batch of civil appeals concerning the tax liability of non-banking finance and leasing companies under the Interest-Tax Act, 19...

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Bombay High Court Dismisses Revenue's Appeal in Service Tax Case on Bifurcation of Interest and Service Charges. Tribunal's finding that no service tax liability arises prior to 01.03.2006 due to absence of mechanism for bifurcation of value of service from interest amount upheld.

The appeal was filed by the Commissioner of CGST & Central Excise under Section 35G of the Central Excise Act, 1944, challenging the order of the Cust...

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Bombay High Court Quashes FIR in Abetment of Suicide Case Against Finance Company Executive — No Instigation Found in Suicide Note. Loan Recovery Pressure Without Active Instigation Does Not Attract Section 306 IPC.

The applicant, Amit Ashok Naharkar, an executive of Bajaj Finance Company, filed a criminal application under Section 482 CrPC seeking quashing of FIR...

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Bombay High Court Allows Appeal Against Deduction from Gratuity for Cooperative Loan Repayment. Employer Cannot Deduct Gratuity for Loan to Cooperative Society Unless It Is a Government Due Under Rule 132 read with Rule 134 of Maharashtra Civil Service (Pension) Rules, 1982.

The appellant, Ashfaq Husain, was a Section Officer with Zilla Parishad, Washim. Upon his retirement, the respondents (Chief Executive Officer, Block ...

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Bombay High Court Directs State to Formulate Comprehensive Policy for Prevention of Farmer Suicides. Court holds that the State must provide ex-gratia assistance to families of farmers who committed suicide due to agricultural indebtedness, recognizing the constitutional duty under Article 21.

The judgment arises from a Public Interest Litigation initiated by a letter from the All India Bio Dynamic and Organic Farming Association to the Chie...