Chapter XII-DA - SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME OF DOMESTIC COMPANY FOR BUY-BACK OF SHARES (From Section 115QA to Section 115QC)
Part C - Procedure 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-B - REQUIREMENT AS TO MODE OF ACCEPTANCE, PAYMENT OR REPAYMENT IN CERTAIN CASES TO COUNTERACT EVASION OF TAX (From Section 269SS to Section 269TT)
Tonnage tax regime restricts loss carryforward and Chapter VI A deductions, adjusting depreciation computation for qualifying ship operations. Computation of tonnage income for qualifying ship operators excludes certain reliefs: ordinary business allowances are to be treated as fully given effect for each relevant year, ship business losses incurred under the tonnage tax scheme cannot be carried forward or set off, Chapter VI A deductions are disallowed for ship profits, and written down value for depreciation is computed as if prior years' depreciation had been claimed and allowed.
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.
Provisions expressly mentioned in the judgment/order text.
Tonnage tax regime restricts loss carryforward and Chapter VI A deductions, adjusting depreciation computation for qualifying ship operations.
Computation of tonnage income for qualifying ship operators excludes certain reliefs: ordinary business allowances are to be treated as fully given effect for each relevant year, ship business losses incurred under the tonnage tax scheme cannot be carried forward or set off, Chapter VI A deductions are disallowed for ship profits, and written down value for depreciation is computed as if prior years' depreciation had been claimed and allowed.
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