https://www.taxtmi.com/caselaws?id=181805 A bona fide sale and lease-back arrangement was treated as commercially substantive, so depreciation on the leased boiler was allowed and the disallowance was set aside; mere tax advantage did not make the transaction a colourable device, and Explanation 4A to section 43(1) was held not to apply retrospectively. On the foreign income issue, Article 7 of the India-Tanzania DTAA was construed to permit attribution of profits to the Tanzanian permanent establishment while operating on a credit basis, not an exemption basis; accordingly, the Tanzanian business income remained taxable in India, with credit relief available where tax is paid in both States. en-us Mon, 15 Jan 2001 00:00:00 +0530 Fri, 07 Apr 2017 10:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181805 A bona fide sale and lease-back arrangement was treated as commercially substantive, so depreciation on the leased boiler was allowed and the disallowance was set aside; mere tax advantage did not make the transaction a colourable device, and Explanation 4A to section 43(1) was held not to apply retrospectively. On the foreign income issue, Article 7 of the India-Tanzania DTAA was construed to permit attribution of profits to the Tanzanian permanent establishment while operating on a credit basis, not an exemption basis; accordingly, the Tanzanian business income remained taxable in India, with credit relief available where tax is paid in both States. Case-Laws Income Tax Mon, 15 Jan 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181805