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2010 (1) TMI 889 - AT - Income Taxassessee principal or agent only - AO held that the assessee company is an independent company and not an agent - Held that:- assessee companies in these cases are mere agents of the UK company and the assessing officer had no evidence whatsoever to hold otherwise and the decisions of the assessing officer were based merely on surmises and conjectures, order of the first appellate authority upheld and dismiss this ground of the revenue. Import agency commission - assessee company is only an agent and the assessee accounted its agency income as per the agency agreement with IALCL, UK at the rate of 2.5 of basic import freight and 5% of basic import freight. order of the CIT(Appeals) upheld, appeal of the Revenue is dismissed.
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