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 https://www.taxtmi.com/circulars?id=54697 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. en-us Wed, 20 Dec 1995 00:00:00 +0530 Sat, 27 Aug 2016 12:28:00 +0530 TaxTMI RSS Generator 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 https://www.taxtmi.com/circulars?id=54697 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. Circulars Income Tax Wed, 20 Dec 1995 00:00:00 +0530 https://www.taxtmi.com/circulars?id=54697