Transfer of profits to Tonnage Tax Reserve Account

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....3): Provided that a tonnage tax company may transfer a sum in excess of twenty per cent of the book profit and such excess sum transferred shall also be utilised in the manner laid down in sub-section (3). Explanation. For the purposes of this section, "book profit" shall have the same meaning as in the Explanation to sub-section (2) of section 115JB so far as it relates to the income derived from the activities referred to in clauses (i) and (ii) of sub-section (1) of section 115V-I. (2) Where the company has book profit from the business of operating qualifying ships and book loss from any other sources, and consequently, the company is not in a position to create the full or any part of the reserves under sub-section (1), the com....

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....age Tax Reserve Account under sub-section (1),- (a)  has been utilised for any purpose other than that referred to in clause (a) or clause (b) of sub-section (3); or (b)  has not been utilised for the purpose specified in clause (a) of sub-section (3); or (c)  has been utilised for the purpose of acquiring a new ship 3[or new inland vessel, as the case may be, as specified in clause (a) of sub-section (3), but such ship or inland vessel, as the case may be,] is sold or otherwise transferred, other than in any scheme of demerger by the company to any person at any time before the expiry of three years from the end of the previous year in which it was acquired, an amount which bears the same proportion to the total relev....