Appeal dismissed; merger validity not reopened, leasehold rights transferred to corporate debtor formed liquidation estate; section 36(4)(a)(iv) inapp...
ITAT held that the lease agreements for helicopters constitute operating leases, not financial leases, and accordingly decided the characterization issue in favour of the assessee and against the Revenue; the Assessing Officer is directed to give effect to this determination. ITAT further held that lease rentals received by the appellant fall within Article 8 of the India-Ireland DTAA, entitling the assessee to treaty relief on such income; this issue is likewise decided in favour of the assessee and against the Revenue, and the Assessing Officer is directed to implement the treaty benefit. Both determinations follow the Tribunal's prior coordinate-bench reasoning and dispose of the appeal accordingly.
ITAT held that the lease agreements for helicopters constitute operating leases, not financial leases, and accordingly decided the characterization issue in favour of the assessee and against the Revenue; the Assessing Officer is directed to give effect to this determination. ITAT further held that lease rentals received by the appellant fall within Article 8 of the India-Ireland DTAA, entitling the assessee to treaty relief on such income; this issue is likewise decided in favour of the assessee and against the Revenue, and the Assessing Officer is directed to implement the treaty benefit. Both determinations follow the Tribunal's prior coordinate-bench reasoning and dispose of the appeal accordingly.
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