https://www.taxtmi.com/acts?id=49232 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. en-us Fri, 14 Feb 2025 17:51:19 +0530 Fri, 14 Feb 2025 17:51:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=49232 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. Act-Rules Bills Fri, 14 Feb 2025 17:51:19 +0530 https://www.taxtmi.com/acts?id=49232