Whether in cases where no tax is payable in India, the Assessing Officer shall be competent to issue an annual ‘No Objection Certificate’, valid for a year, in respect of taxation of ship­ping profits under section 172, after carefully verifying ap­plicability of relevant provisions concerning taxation of ship­ping profits in double taxation agreement with country of which owner or charterer is resident

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..... sident - 732 Dated:- 20-12-1995 Circular - Circulars - Income Tax - Circular: No. 732 dated 20-12-1995. Whether in cases where no tax is payable in India, the Assessing Officer shall be competent to issue an annual No Objection Certificate , valid for a year, in respect of taxation of ship ping profits under section 172, after carefully verifying ap plicability of relevant provisions .....

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..... enterprise belonging to a country with which India has entered into an agreement on avoidance of double taxation, which provides for taxation of shipping profits only in the country of which the enterprise is a resident, no tax is payable by such ships at the Indian ports. Under such circumstances, a No Objection Certificate is to be obtained by the master of the ship from the concerned income-t .....

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..... esident shipping company is engaged in international traffic , a term which is invariably defined in the DTAA itself. An undertaking from the non-resident company that during the period of the currency of the NOC, no ship belonging to it will be in any traffic other than interna tional traffic , shall be obtained before the issue of the NOC. - Circular - Trade Notice - Public Notice - Instruc .....

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