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ITAT affirmed that the lease agreements between the anonymous lessor and lessee constitute operating leases, not financial leases, relying on precedent favoring the assessee. The Tribunal held that the MLI is an administrative information-sharing instrument and does not amend bilateral DTAAs absent specific notifications under s.90(1) of the Act; omnibus MLI notification cannot alter substantive treaty rights, so India-Ireland DTAA remains unmodified for these purposes. Applying Article 8 of the India-Ireland DTAA, the Tribunal found lease rentals derive from aircraft operated in international traffic and thus fall within Article 8, entitling the lessor to treaty benefits. No PE existed in India under Article 5; all issues decided for the appellant.
ITAT affirmed that the lease agreements between the anonymous lessor and lessee constitute operating leases, not financial leases, relying on precedent favoring the assessee. The Tribunal held that the MLI is an administrative information-sharing instrument and does not amend bilateral DTAAs absent specific notifications under s.90(1) of the Act; omnibus MLI notification cannot alter substantive treaty rights, so India-Ireland DTAA remains unmodified for these purposes. Applying Article 8 of the India-Ireland DTAA, the Tribunal found lease rentals derive from aircraft operated in international traffic and thus fall within Article 8, entitling the lessor to treaty benefits. No PE existed in India under Article 5; all issues decided for the appellant.
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