Tonnage tax company

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....CORPORATION LTD. - [2008 (2) TMI 388 - KERALA HIGH COURT] "Section 115VA provides that notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of a company, the income from the business of operating qualifying ships, may, at its option, be computed in accordance with the provisions of Chapter XII-G and such income shall be deemed to be the profits and gain....

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....erating qualifying ships, chargeable to tax under the head "Profits and gains of business or profession". "Tonnage tax company" means a qualifying company in relation to which tonnage tax is in force see section 115VL. Section 115VP(1) provides that a qualifying company may opt for the tonnage tax scheme by making an a....

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....option for tonnage tax scheme, which coverage would immediately be referable to section 115VA. The overwhelming thrust of section 115VA is the derivation of income from the business of operating qualifying ships. The concept of "the main object of the company" in section 115VC(d), in the absence of any provision to the contrary in Chapter XII-G, has necessarily to be understood....