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

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.... is resident<br>Circular No. 732 Dated:- 20-12-1995 Circular Dated:- 20-12-1995 Circular<br>Income Tax<br>Circular: No. 732 dated 20-12-1995. 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 ship&shy;ping profits under section 172, after carefully verifying ap....

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....p. 2. In cases where such ships are owned by an enterprise belonging to a country with which India has entered into an agreement on avoidance of double taxation, which provides for taxation of shipping profits only in the country of which the enterprise is a resident, no tax is payable by such ships at the Indian ports. Under such circumstances, a 'No Objection Certificate' is to be obtained by....