https://www.taxtmi.com/caselaws?id=190421 A purchase and lease-back of a boiler was examined for genuineness and alleged colourable tax avoidance. The Tribunal treated the transaction as genuine on surrounding facts, including payment by account payee cheque, intimation of sale to the boiler authority, endorsement of ownership change in official records, and the assessee's existing leasing business, and held that the anti-avoidance principle in McDowell did not apply. The High Court held that the controversy was one of factual appreciation and did not give rise to any independent referable question of law under section 256(2), so the reference application was not maintainable. en-us Mon, 15 Sep 1997 00:00:00 +0530 Tue, 14 Feb 2017 18:46:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190421 A purchase and lease-back of a boiler was examined for genuineness and alleged colourable tax avoidance. The Tribunal treated the transaction as genuine on surrounding facts, including payment by account payee cheque, intimation of sale to the boiler authority, endorsement of ownership change in official records, and the assessee's existing leasing business, and held that the anti-avoidance principle in McDowell did not apply. The High Court held that the controversy was one of factual appreciation and did not give rise to any independent referable question of law under section 256(2), so the reference application was not maintainable. Case-Laws Income Tax Mon, 15 Sep 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190421