International Shipping Profit taxable in the country of residence of the assessee company

IN THE ITAT MUMBAI BENCH ‘L’ Assistant Director of Income-tax, (International Taxation)-3(2) versus Mediterranean Shipping Co. IT APPEAL NO. 2311 (MUM.) OF 2007 C.O. NO. 171 (MUM.) OF 2007 [ASSESSMENT YEAR 2003-04] NOVEMBER 6, 2012 ORDER P.M. Jagtap, Accountant Member  This appeal is preferred by the Revenue against the order of learned CIT(Appeals)-XXXIII, Mumbai dated 29-12-2006 and the same is being disposed of along with the cross objection filed by the assessee. 2. The solitary issue arising out of the appeal filed by the Revenue as well as the cross objecti...