Hi Senthil,
First of all anything that starts with the tag <!..> seems to be a comment and not an active HTML tag.
Secondly the image is called upon as below:
<TD vAlign=top width=210><IMG height=306 alt=""
src="/sap/bw/Mime/Customer/Images/XXXX.jpg"
width=203 border=0></TD>
And Thirdly the URL points to the images folder, under customer of Mime repository :
src="/sap/bw/Mime/Customer/Images/XXXX.jpg" whereas the code provided by you is lookiing in a different folder:
<!--#include file="/sap/bw/Mime/BEx/Misc/test.html" -->
Please have the image uploaded to the images folder, under customer as informed in my previous post and then call the image in WAD.
Hope this helps, good luck,
Regards,
Manohar. D