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of <h1>Supreme Court Clarifies Tax Treatment for Non-Residents in Shipping; Entitled to Refunds and Interest u/s 172(7.</h1> The circular addresses the treatment of tax paid under section 172(3)/(4) by non-residents in the shipping business. It clarifies that tax paid under these sections is treated as advance tax. The Supreme Court ruled that non-residents opting for assessment under section 172(7) are entitled to refunds and interest on refunds, similar to advance tax. Consequently, Circular No. 730, which previously stated that such taxpayers were not liable for interest under sections 234B and 234C or entitled to interest under section 244A, is withdrawn. Non-resident assessees are now liable for interest payments and entitled to interest on refunds under the Income-tax Act, 1961.
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