Chapter XII-DASPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME OF DOMESTIC COMPANY FOR BUY-BACK OF SHARES (From Section 115QA to Section 115QC )
Part CProcedure for filing of return in respect of fringe benefits, assessment and payment of tax in respect thereof (From Section 115WD to Section 115WM )
Chapter XX-BREQUIREMENT AS TO MODE OF ACCEPTANCE, PAYMENT OR REPAYMENT IN CERTAIN CASES TO COUNTERACT EVASION OF TAX (From Section 269SS to Section 269TT )
Abuse of tonnage tax scheme barred where arrangements produce a tax advantage for non-tonnage parties or activities. Section 115VZB excludes application of the tonnage tax scheme where a tonnage tax company engages in transactions or arrangements that amount to an abuse ... Summary
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Abuse of tonnage tax scheme barred where arrangements produce a tax advantage for non-tonnage parties or activities.
Section 115VZB excludes application of the tonnage tax scheme where a tonnage tax company engages in transactions or arrangements that amount to an abuse by producing a tax advantage for others or for the company in respect of non-tonnage activities. The Explanation clarifies that such tax advantage includes adjustments to allowances, costs or interest allocation that reduce taxable income or increase losses for non-tonnage activities, and transactions producing more than ordinary profits from tonnage activities.
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