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2013 (12) TMI 144 - KERALA HIGH COURTShipping income – Held that:- The assessee claimed to be acting only as an agent of UK Company and hence the shipping income generated by it in India belongs to the UK Company - In the assessment of another company of the Group named IAL Shipping Agencies (Mumbai) Ltd., the Department had concluded that there is no Agent-Principal relationship between IAL. Shipping Agencies(Mumbai) Ltd. and IAL Container Line (UK)Ltd. - Since the claim of agent-principal relationship was denied, the department assessed the entire income derived from shipping business in the hands of IAL Shipping Agencies (Mumbai) Ltd. - Tribunal remanded the issue in the interest of justice de novo enquiry – Decided against assessee.
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