Increasing time limit available to pass order under section 115VP

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....e income of an assessee shall be computed in accordance with the provisions of Chapter XII-G. Sub-section (1) of section 115VP of the Act provides that a qualifying company may opt for the tonnage tax scheme by making an application to the Joint Commissioner having jurisdiction over the company, as prescribed, for such scheme. 2. Sub-section (3) of the said section requires that the Joint Commiss....

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.... of section 115VP of the Act with the Joint Commissioner of Income-tax for verification of information and documents, including physical inspection of the ships if necessary, providing an opportunity of being heard and then passing a reasoned order approving or rejecting the application. 4. Accordingly, to address this issue, it is proposed to amend sub-section (4) of section 115VP to provide tha....