Colourable device cannot be a part of tax planning, where transaction is sham and not genuine

Killick Nixon Ltd Vs. DCIT (Bombay High Court)

Supreme Court in Vodafone International (dated 20 January 2012)   considered its decisions in the matters of McDowell reported in (1985) 3 SCC 230, Azadi Bachao reported in (2004) 10 SCC 1 and the Mathuram Agarwal reported in (1999) 8 SCC 667 and concluded that where the transaction is not genuine but a colourable device there could be no question of tax planning.  Supreme Court makes it very clear that a colourable device cannot be a par

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