Allowing the appeal of the revenue the Court held that ; Finance Charges such as interest received from hire purchase transactions and other Interest was held to chargeable to tax .( AY. 1997 -98)
CIT v. Kerala State Financial Enterprises Ltd. (2018) 402 ITR 25 (Ker) (HC)
Interest-Tax Act, 1974
S. 2(5B)( vi): Financial Company — Finance Charges such as interest received from hire purchase transactions and other Interest was held to chargeable to tax .[ S.8(2) ]