prima facie view that the transaction was a colourable device to claim depreciation and in actuality it was a mere lending of monies ... legitimate provided it is within the framework of law. Colourable devices cannot be part of tax planning and it is wrong to encourage or entertain
crores ostensibly paid as non-compete
fee was nothing but a colourable device and the tax treatment should
not be accepted. He referred to several ... assessee.
The execution of restrictive covenant was nothing but
a colourable device adopted by the assessee in
collusion with SWC group to avoid payment
business. Evidently, the entire arrangement was a colourable device which the Assessing Officer has failed to notice. He has not conducted any sort of inquiry ... that the sale and the lease back agreement is a colourable device with which the Tribunal appears to have concurred is based upon any legal
which
was claimed as business expenditure, holding that it was a
colourable device adopted by the assessee company to claim
a business expenditure, which ... each. This modus operandi adopted by
the assessee was a clear colourable device to benefit the
said keymen who were, in fact at the helm
prima facie view that the transaction was a colourable device to claim depreciation and in actuality it was a mere lending of monies ... legitimate provided it is within the framework of law. Colourable devices cannot be part of tax planning and it is wrong to encourage or entertain
renunciation of rights for subscribing to PCDs of JISCO was
a colourable device to contrive an artificial loss?
32. Concededly, the rights to subscribe ... device.....". The Court further
explained that such artifice or device may assume diverse forms but "there
must be some artifice or device enabling
work of law, unless the same fall in the category of colourable device which may properly be called a device or a dubious method ... held to be "colourable" so as to fall these transactions within the ambit of "colourable device" as defined by Hon. Jurisdictional
concerned parties and ultimately held that the aforesaid transactions is a colourable device set up by the assessee with assistance from M/s Kejriwal ... regarded in the nature of colourable device. It was also submitted that this aspect of the matter has been completely lost sight
observed that the issuance of debit note was nothing but a colourable device by which attempt was made to reduce the assessee's genuine ... charging @ Rs. 1000/- per MT was held to be colourable device on account of reasons mentioned by the AO, which have been extracted
whole transaction with Maliram Makharia Stock Brokers (P) Ltd. was a colourable device, as the assessee-company during the year had earned more profits ... held that the whole scheme of debentures issue was a colourable device to avoid tax and in this connection relied on the decision
