2020 (2) TMI 1284

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....cate for the appellant Mr. Rajesh Katoch, Sr. Standing counsel with Ms. Pridhi Jaswinder Sandhu, Jr. Standing counsel for the respondent ORDER Ajay Tewari, J. (Oral) 1. Vide this common order we shall dispose of above said two appeals as the common question of law and facts are involved therein. For the sake of convenience, facts are being taken from ITA No.223- 2001. 2. This appeal....

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....the commercial aspect and the undisputed transactions including payments could be legally excluded while interpreting the terms of the agreement ?" 3. Brief facts of the case are that the assessee was an exporter of hand-tools, fastener and other engineering tools. It had appointed agents in different parts of the world and all of those agencies had entered into an agreement with the asseessee-....

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.... stipulated hereunder:- (a) For U.K.:- (i) Commission @7% on the F.O.B., value of the goods supplied upto the F.O.B., value of Rs. 7 lacs. In addition, a sum of Rs. 25,000/- will be paid by the Principal to the Agent to defray the first tour expenses of the Agent for UK. (ii) Conmission @5% on the F.O.B. value of the goods supplied by the Principal to U.K. over and above....

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....eriod of three years, from date hereof whereafter, it maybe extended for a further period as may be agreed upon between the parties hereto. 9. In case of any dispute touching this agreement, the same will be referred to arbitration under the Indian Arbitration Act, then inforce and a decision of such of the arbitration will be binding on the parties hereto. 4. The conclusion of the Tri....