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          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.

          <h1>Relevant shipping income rules exclude qualifying tonnage tax activity from book profit, with market value adjustments and AO review.</h1> Relevant shipping income for a tonnage tax company comprises profits from defined core activities and prescribed incidental activities; excess incidental receipts over a set proportion of core turnover are excluded and taxed otherwise. Transfers between tonnage and non-tonnage businesses must be valued at market value for computing relevant shipping income, subject to Assessing Officer adjustment where market-value computation is impracticable. Related-party adjustments, reasonable allocation of common costs and depreciation, and the exclusion of the shipping activity's book profit or loss from company book profit are operative measures.

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