The dispute between the revenue department and GE Capital Transport Finance Services on delayed payment of lease rental and hire purchase installments has landed in the Supreme Court. The revenue department feels that such payments are financial charges that form part of the chargeable interest under provisions of the Interest Tax Act. The company, on the other hand, feels this interpretation is not correct.
A bench headed by Justice SH Kapadia recently issued notices to GE Capital Transport Finance Services on the basis of an appeal filed by the department of revenue.
Every time an offender stealthily leaves India to take refuge in another country, the Government of India starts all over again with its strategy of bringing him back to the nation to make him stan More
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