Principal-agent relationship to be examined, before taxing global shipping income in agent’s hand

IN THE ITAT COCHIN BENCH Assistant Commissioner of Income-tax, Circle-1(2), Ernakulam versus I.A.L. Shipping Agencies (Kochi) Ltd. IT Appeal No. 79 (Coch.) of 2011 [Assessment year 2002-03] JULY 20, 2012 ORDER B.R. Baskaran, Accountant Member  The appeal of the Revenue is directed against the order dated 13-10-2010 passed by the Ld. CIT(A)-II, Kochi and it relates to the assessment year 2002-03. 2. The Revenue is assailing the decision of the Ld. CIT(A) in deleting all the additions made by the Assessing Officer by holding that the assessee is the agent of another company na...