TMI Blog1988 (2) TMI 47X X X X Extracts X X X X X X X X Extracts X X X X ..... f this court. The assessee is a public limited company carrying on business as exporters of tea and shipping insurance agents. The assessee entered into an agreement on November 1, 1968, with the Estates and Agency Company Limited, London, England, which owns four estates in Coonoor. The agreement is appended as annexure to the statement of the case. Clause (1) of the agreement reads that the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as. Clause (8) states that the principal place of business of the agents shall be situated at Coonoor. Clause (1O) relates to the expenditure that would be incurred by the agents in the management of the estates. A procedure is prescribed by clause (10) for preparation of proposals and sanction of the same by the board. It is not necessary to refer to the other clauses in the agreement. The age ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -tax Officer. On appeal, the Appellate Assistant Commissioner, took the view that the amount would fall under section 28(ii)(c) of the Act, and, therefore, liable to be included in the assessment. The Appellate Assistant Commissioner held that section 28(ii)(b) would not come into play. On appeal, the Tribunal took the view that the amount would fall under both the sub-clauses (b) and (c) of se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... agency in India for any part of the activities relating to the business of any other person at or in connection with the termination of the agency or the modification of the terms and conditions relating thereto ; " There can be no doubt that the amount in question will fall under sub-clause (c) of section 28(ii). Learned counsel for the assessee contends that sub-clause (c) would come into pl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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