Section 2(18) in Assam General Sales Tax Act, 1993
(18)"Hire purchase" means an agreement under which goods are let on hire and the hirer has the option to purchase the goods in accordance with the terms of the agreement and under which -(i)possession of goods is delivered by the owner thereof to a person on condition that such persons pays the agreed amount in periodical installments;(ii)the property in the goods is to pass to such person on the payment of the last of such installments ; and(iii)such person has the right to terminate the agreement at any time before the property so passes;
