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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>Abuse of tonnage tax scheme triggers exclusion after show cause and senior approval, unless transaction is bona fide.</h1> A tonnage tax company is excluded from the scheme if party to a transaction that constitutes an abuse of the tonnage tax scheme, defined as obtaining a tax advantage for others or for the company's non-tonnage activities, including by altering allowances, interest, costs or producing more than ordinary profits. The Assessing Officer must serve a show cause notice and obtain senior approval before exclusion; exclusion is avoidable if the company proves the transaction was a bona fide commercial transaction not entered into for tax advantage.

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