Held that where the Assessee has exercised his right to be assessed under normal provisions of Act as per section 172(7) by filing his return of income for entire year, then he ought to be assessed on return of income so filed as per normal provisions of Act, taking note of all benefits and exemptions available to assessee. Since assessee had exercised his right to be assessed under normal provisions of Act as per section 172(7) by filing his return of income as per section 139(1) summary assessment order passed by Assessing Officer was set aside (AY. 2015-16)
Interocean Shipping (India) (P.) Ltd. v. DCIT(IT) (2022) 196 ITD 253 / 100 ITR 560 (Rajkot)(Trib.)
S. 172 : Shipping business-Non-residents-Shipping business-Option to be assessed under normal provision-Summary assessment orders passed under section 172(4) on each voyage undertaken earning freight from India is held to be not valid-DTAA-India-Greece. [S. 139, 172(4), 172(7), Art. 8]