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of <h1>Section 115VN makes tonnage tax asset transfers taxable under capital gains provisions with modified written down value calculations</h1> Section 115VN of the Income Tax Act, 1961 governs chargeable gains from transfer of tonnage tax assets. Profits or gains from transferring capital assets that form part of qualifying asset blocks are taxable under sections 45 and 50, with capital gains computed per sections 45-51. The provision modifies section 50 by substituting 'written down value of the block of qualifying assets' for 'written down value of the block of assets.' The written down value is calculated according to section 115VK(2). This provision was inserted by the Finance Act, 2004, effective April 1, 2005.
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