Exclusion from tonnage tax scheme: companies in specified arrangements may be removed unless transaction is bona fide commercial. An Assessing Officer shall exclude a tonnage tax company from the tonnage tax scheme by written order if it is party to the specified transaction, after serving a show cause notice and obtaining prior approval of the Principal Chief Commissioner or Chief Commissioner; exclusion does not apply where the company proves the transaction was a bona fide commercial transaction not intended to obtain tax advantage, and exclusion causes the option to cease from the first day of the previous year in which the transaction occurred.