(Judgment of the Court was delivered by K.RAVIRAJA PANDIAN,J.) The revenue has come up on appeal against the order of the Income Tax Appellate Tribunal, Madras 'B' Bench, dated 8.12.2003 passed in I.T.A.Nos.26 and 27/Mds/1996 respectively in respect of the assessment years 1992-93 and 1993-94 by formulating the following substantial questions of law:
"Whether on facts and in the circumstances of the case, the Tribunal was right in holding that the appellant's transactions were hire purchase transactions and consequently the financial charges and additional financial charges were not liable to be taxed under the Interest-tax Act."
2. Learned counsel appearing on either side submits that the question of law now raised in these appeals has already been raised in the case of COMMISSIONER OF INCOME-TAX VS. HARITA FINANCE LIMITED reported in (2006) 283 ITR 370 and this Court has held against the revenue and decided the issue in favour of the assessee as follows:
"The assessment year with which we are concerned is 1994-95. The point involved in the question is whether the agreement entered into between the parties was a hire purchase agreement or not. We find that the Appellate Tribunal has examined the question in great detail and recorded a finding of fact that the agreement between the parties was a hire purchase agreement. The Appellate Tribunal in paragraph 10 of its order has found that it is not the case oft he Revenue that the hirer is the real purchaser of the asset and the assessee is only a financier to help the purchaser and such things are not coming out from the agreement. We, therefore, hold there is nothing to interfere with the said finding. Accordingly, the question of law referred to us is answered in the affirmative, against the Revenue and in favour oft he assessee. No costs.
3. As the question of law has already been answered by the Division Bench of this Court against the revenue by observing as above, following the same, these appeals at the instance of the revenue are dismissed by answering the question of law in favour of the assessee and against the revenue.