2004 (10) TMI 74

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....by B.C. Patel C.J.- The petitioners have filed this writ petition, inter alia, praying that (i) orders dated November 15, 2000 and March 4, 2002, of the Chairman, Central Board of Direct Taxes, be quashed; (ii) direction be issued to respondents Nos. 1 and 2 to grant approval to the lease agreements dated October 18, 1999 under section 10(15A) of the Income-tax Act, 1961, in respect of two airc....

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....examined. The same reads as under: "10.(15A) Any payment made, by an Indian company engaged in the business of operation of aircraft, to acquire an aircraft or an aircraft engine (other than a payment for providing spares, facilities or services in connection with the operation of leased aircraft) on lease from the Government of a foreign State or a foreign enterprise under an agreement, not be....

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.... it has made the payment. And, even if a part of it taken by the Revenue as tax deducted at source, it would still have discharged its obligation to pay under the lease. However, if the agreement is accorded approval, then section 10(15A) would operate and petitioners Nos. 1 and 3 may not be required to suffer any loss on account of taxes deducted. So far as the Revenue is concerned, it is cont....