No Objection Certificate for shipping profits enables annual exemption where DTAA assigns taxation to the owner's residence, subject to verification. The Board permits the Assessing Officer to issue an annual No Objection Certificate, valid for one year, when a DTAA assigns taxation of shipping profits to the country of residence so that no tax is payable in India; the AO must verify DTAA applicability, ensure the enterprise is engaged exclusively in international traffic as defined in the DTAA, and obtain an undertaking that none of its ships will operate in non-international traffic during the NOC period.