- (1.) The Court: This appeal of the Revenue under Section 260A of Income-tax Act, 1961, is directed against the judgment and order dated 21st September, 2012, passed by the Income Tax Appellate Tribunal, "C" Bench, Kolkata, in ITA No. 2150/Kol/2009, relating to the Assessment Year 2006-07. By the judgment and/or order under appeal, the learned Tribunal has dismissed the appeal being ITA No. 2150/Kol/2009 of the Revenue, against an order dated 18th September, 2009 of the Commissioner of Income-tax (Appeal)-XIX, Kolkata, partly allowing the appeal being Appeal No. 447/CIT (A)-XIX/DDIT, Intl. Tax. 2(1), Kol/08-09/1582 of the assessee against an order of assessment dated 10th November, 2008 passed by the Assessing Officer, being the Deputy Director of the Income-tax, International Taxation, 2(1) Kolkata, under Section 143(3) of the Income-tax Act, 1961 for the aforesaid Assessment Year 2006-07.
(2.) The assessee is a company incorporated in the United Kingdom, under the relevant laws of England and Wales. The assessee is the partner of P & O Nedlloyed and hereinafter referred to as Nedlloyed, a partnership firm established in the United Kingdom, on 1st January, 1997. Nedlloyed has two partners, the assessee and Nedlloyed BV a company incorporated under the laws of Netherlands, and hereinafter referred to as the Dutch company.
(3.) Nedlloyed carries on business of operation of ships all over the world including in India. The global profit and loss of the partnership is shared by its two partners, the assessee and the Dutch company in the ratio of 56:44 respectively.;