https://www.taxtmi.com/acts?id=51764 Section 234 provides that the tonnage tax scheme does not apply where a tonnage tax company is party to a transaction or arrangement constituting an abuse of the scheme by yielding a tax advantage to others or to the company's non-tonnage activities. "Tax advantage" includes adjustments to allowances, interest, costs or apportionments that reduce taxable income or increase losses for non-tonnage activities, or transactions producing more than ordinary profits from tonnage activities. The Assessing Officer may exclude the company from the scheme by written order after serving a show cause notice and obtaining prior approval of the Principal Chief Commissioner or Chief Commissioner; exclusion is effective from the first day of the tax year in which the transaction occurred. The section excludes bona fide commercial transactions not entered into for tax advantage. en-us Thu, 14 Aug 2025 12:01:00 +0530 Mon, 01 Sep 2025 10:43:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=51764 Section 234 provides that the tonnage tax scheme does not apply where a tonnage tax company is party to a transaction or arrangement constituting an abuse of the scheme by yielding a tax advantage to others or to the company's non-tonnage activities. "Tax advantage" includes adjustments to allowances, interest, costs or apportionments that reduce taxable income or increase losses for non-tonnage activities, or transactions producing more than ordinary profits from tonnage activities. The Assessing Officer may exclude the company from the scheme by written order after serving a show cause notice and obtaining prior approval of the Principal Chief Commissioner or Chief Commissioner; exclusion is effective from the first day of the tax year in which the transaction occurred. The section excludes bona fide commercial transactions not entered into for tax advantage. Act-Rules Income Tax Thu, 14 Aug 2025 12:01:00 +0530 https://www.taxtmi.com/acts?id=51764