2010 (1) TMI 889

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..... ppeals) dated 12-9-2008 for the assessment year 2005- 06 on the following two effective grounds:- 1. On the facts and in the circumstances of the case and in law, the Ld.CIT(A) erred in holding that the assessee is not the principal but an agent only and deleting all additions to income made by A.O. of income arising from the activities of IAL Container Lines (UK) Ltd. 2. On the facts and in the .....

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..... n made. This Bench of the Tribunal in the assessee's own case for the earlier assessment years in ITA No. 4157/Mum/2005 and others considered the question whether the assessee in these cases are to be treated as Agent of IAL Container Lines (UK) Ltd. or principals themselves. At para 25 the conclusions of the CIT(Appeals) were taken into consideration and thereafter at para 27 the Tribunal took in .....

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..... he assessee as the 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. In view of our finding on the first issue, we uphold the order of the CIT(Appeals) and dismiss this ground of the Revenue. 6. In the result, the appeal of the Revenue is dismissed. O .....

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