Sales Tax on Lease rental against goods supplied in the course of Import by NBFC

Russell Credit Ltd. Vs. Commercial Tax Officer (Madras High Court) The respondent bank entered into an agreement with Hindustan Power Plant Limited, Hosur, for importing and leasing of machinery on rental basis. The master lease agreement was entered into on April 17, 1998. There afterwards, the respondent bank ordered for machinery as per the specification of the company-Hindustan Power Plant Limited from the foreign manufacturer/supplier in Japan. While the goods were in transit, the assessee and the company-Hindustan Power Plant Limited entered into a supplementary lease agreement on July 3...