ESOP expenditure allowed as FMV difference; long-term capital gain issue sent back for collector rate determination; deferred income additions disallo...
Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
Appellant's ring-back tone service held OIDAR, taxable domestically for 01.07.2012-31.07.2016; liability confirmed, penalties vacated, remanded for re...
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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