Transport Vehicle Financier liable to pay Vehicle Tax from date of taking Possession for Loan default, rules Supreme Court [Read Judgment]

By Taxscan Team - On February 23, 2022 10:48 am - 2 mins read

Transport - Transport Vehicle - Financial liable - Tax - UP Motor Vehicles - Vehicles Taxation Act 1997 - Loan default - Supreme Court - Taxscan

The Supreme Court has ruled that a financier of a transport vehicle, for which a lease or hypothecation agreement has been entered, is liable to pay tax under the Uttar Pradesh Motor Vehicles Taxation Act 1997 from the date of taking possession of the vehicle. The Appellant Mahindra and Mahindra Financial Services Ltd r had…

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