https://www.taxtmi.com/caselaws?id=214956 Section 10(15A) was held to apply only where an aircraft is acquired under an existing lease agreement executed on or before the statutory cut-off date. An arrangement for aircraft yet to be manufactured did not amount to a lease in law, because a lease requires an interest in existing property and the distinction between existing goods and future goods remained material under property and sale law principles. As the aircraft were not in existence when the agreements were signed, the statutory condition was not met and approval under section 10(15A) was rightly refused. en-us Tue, 10 Jul 2012 00:00:00 +0530 Fri, 25 Oct 2013 12:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214956 Section 10(15A) was held to apply only where an aircraft is acquired under an existing lease agreement executed on or before the statutory cut-off date. An arrangement for aircraft yet to be manufactured did not amount to a lease in law, because a lease requires an interest in existing property and the distinction between existing goods and future goods remained material under property and sale law principles. As the aircraft were not in existence when the agreements were signed, the statutory condition was not met and approval under section 10(15A) was rightly refused. Case-Laws Income Tax Tue, 10 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214956