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2012 (12) TMI 521 - AT - Income TaxIndia UK DTTA - Income from Shipping Business - Held that:- The assessee herein is a resident assessee but it is not borne out of record as to whether the "UK Company" is a resident assessee or non-resident assessee - relationship between the assessee-Company and the UK Company needs to be examined at the end of the AO in order to find out whether the assessee-Company is really acting as the agent of the UK Company. Further the applicability of DTAA to the instant transactions also needs to be examined. Both the assessee as well as the CIT(A) placed reliance on the decision of ITO Versus IAL Shipping Agencies (Mumbai) Ltd. [2010 (1) TMI 889 - ITAT, MUMBAI] that the assessee is only acting as the agent of the UK Company, it has to be examined whether the decision rendered in that case applies to the facts surrounding the instant case. As the assessee has not substantiated various claims made by it before the AO all the issues require re-examination at the end of the AO - AO directed to frame the assessment de nova without being influenced by the "Annual no objection certificate" in accordance with law - appeal filed by the Revenue allowed for statistical purposes.
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