Exclusion of deduction, loss, set off etc.,

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....red to as the "relevant tax year") in which it is chargeable to tax as per this Part- (a) sections 28 to 52 shall apply as if every loss, allowance or deduction referred to therein and relating to or allowable for any of the relevant tax years, had been given full effect to for that tax year itself; (b) no loss referred to in section 108(1) or (2)(a) or 109 or 112(1) or 116(1), i....

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....ax scheme and which are attributable to its tonnage tax business, as if such losses had been set off against the relevant shipping income in any of the tax years when the company is under the tonnage tax scheme. (3) The losses referred to in sub-section (2) shall not be available for set off against any income other than relevant shipping income in any tax year beginning on or after the company....