https://www.taxtmi.com/caselaws?id=11485 The court upheld the appellate authority and Tribunal's findings that the sale and leaseback transactions were genuine and not colorable devices to reduce taxable profit. It allowed the deduction for lease rent under section 37 of the Income-tax Act, 1961, emphasizing that the transactions were entered into for legitimate business purposes. The court distinguished the case from McDowell and Co. Ltd. v. CTO [1985] 154 ITR 148 (SC) and affirmed that tax planning within legal boundaries is permissible. The appeals were dismissed, confirming the validity of the transactions and the admissibility of the lease rent deduction. en-us Thu, 04 Dec 2003 00:00:00 +0530 Mon, 10 Aug 2009 18:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11485 The court upheld the appellate authority and Tribunal's findings that the sale and leaseback transactions were genuine and not colorable devices to reduce taxable profit. It allowed the deduction for lease rent under section 37 of the Income-tax Act, 1961, emphasizing that the transactions were entered into for legitimate business purposes. The court distinguished the case from McDowell and Co. Ltd. v. CTO [1985] 154 ITR 148 (SC) and affirmed that tax planning within legal boundaries is permissible. The appeals were dismissed, confirming the validity of the transactions and the admissibility of the lease rent deduction. Case-Laws Income Tax Thu, 04 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11485