https://www.taxtmi.com/caselaws?id=15067 A summary assessment under section 172(4) of the Income-tax Act, limited to shipping receipts of a non-resident ship owner or charterer, does not amount to an assessment of total income. Because chargeable profits for surtax under the Companies (Profits) Surtax Act are computed from total income assessed under the Income-tax Act, a surtax levy cannot rest only on the ad hoc assessment under section 172(4). The special shipping assessment scheme is distinct from a full assessment of total income, and section 172(7) preserves the ability to seek such assessment for the relevant previous year. In the absence of a total income assessment, surtax liability does not arise on section 172(4) alone. en-us Mon, 28 Feb 2000 00:00:00 +0530 Thu, 30 Jul 2009 14:02:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15067 A summary assessment under section 172(4) of the Income-tax Act, limited to shipping receipts of a non-resident ship owner or charterer, does not amount to an assessment of total income. Because chargeable profits for surtax under the Companies (Profits) Surtax Act are computed from total income assessed under the Income-tax Act, a surtax levy cannot rest only on the ad hoc assessment under section 172(4). The special shipping assessment scheme is distinct from a full assessment of total income, and section 172(7) preserves the ability to seek such assessment for the relevant previous year. In the absence of a total income assessment, surtax liability does not arise on section 172(4) alone. Case-Laws Income Tax Mon, 28 Feb 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15067