https://www.taxtmi.com/caselaws?id=302983 ITAT held that credits received by the assessee from foreign manufacturers and lessors do not constitute sale consideration and are not taxable as capital gains; the agreements were separate and the assessee did not receive consideration for transfer of any capital asset. The Tribunal found no nexus between those credits and lease rentals, so no disallowance under s.37(1). Supplementary rent was held to be part of lease rent for use of aircraft and not subject to disallowance under s.40(a)(ia); however, one issue (Rs. 61,81,04,551) was remitted to the AO for verification while Rs. 276,28,59,861 was deleted. en-us Fri, 03 Sep 2021 00:00:00 +0530 Tue, 07 Oct 2025 15:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302983 ITAT held that credits received by the assessee from foreign manufacturers and lessors do not constitute sale consideration and are not taxable as capital gains; the agreements were separate and the assessee did not receive consideration for transfer of any capital asset. The Tribunal found no nexus between those credits and lease rentals, so no disallowance under s.37(1). Supplementary rent was held to be part of lease rent for use of aircraft and not subject to disallowance under s.40(a)(ia); however, one issue (Rs. 61,81,04,551) was remitted to the AO for verification while Rs. 276,28,59,861 was deleted. Case-Laws Income Tax Fri, 03 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302983