https://www.taxtmi.com/caselaws?id=782023 Aircraft lease covenants preserving ownership with the lessor, requiring redelivery at expiry, and granting no purchase option were treated as an operating lease, not a financial lease. The contractual form and economic setting did not show transfer of ownership incidents at the end of the term. Lease rentals were also held to fall within Article 8 of the India-Ireland DTAA because that provision specifically covers profits from the rental of aircraft in international traffic, and the aircraft were not operated solely between places in the other Contracting State. The specific treaty allocation rule prevailed for taxation of the rentals. en-us Wed, 29 Oct 2025 00:00:00 +0530 Fri, 21 Nov 2025 11:42:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782023 Aircraft lease covenants preserving ownership with the lessor, requiring redelivery at expiry, and granting no purchase option were treated as an operating lease, not a financial lease. The contractual form and economic setting did not show transfer of ownership incidents at the end of the term. Lease rentals were also held to fall within Article 8 of the India-Ireland DTAA because that provision specifically covers profits from the rental of aircraft in international traffic, and the aircraft were not operated solely between places in the other Contracting State. The specific treaty allocation rule prevailed for taxation of the rentals. Case-Laws Income Tax Wed, 29 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782023