Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2009 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2009 (8) TMI 35 - HC - Income TaxMeaning of expression “Agency” – Section 35B(1)(b)(iv) - weighted deduction under Section 35B - Tribunal held that the expression maintenance of agency meant an act of continuing the relationship of principal and agent - has held that the assessee cannot be said to be maintaining a foreign agency where there was no requirement or obligation on the assessee under the terms of the agreement to maintain the agency of the foreign party outside India and it was only required to pay commission as per agreement in respect of the contract order procured by the said foreign agency and, therefore, it was not entitled for weighted deduction under Section 35B(1)(b)(iv) of the Act – Decided in favor of revenue – ITAT order is not correct.
|