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of <h1>Assessing Officers to Issue Annual NOC for Shipping Profits u/s 172 of Income-tax Act, 1961.</h1> The circular addresses the issuance of an annual 'No Objection Certificate' (NOC) by the Assessing Officer concerning the taxation of shipping profits under section 172 of the Income-tax Act, 1961. If no tax is payable in India due to a double taxation agreement, the NOC can be issued for a year after verifying the agreement's applicability with the owner's or charterer's resident country. The Assessing Officer must ensure the shipping company is engaged in 'international traffic' and obtain an undertaking confirming no involvement in non-international traffic during the NOC's validity.
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