Section 115VZC of ITA, 1961 : Section 115Vzc: Exclusion From Tonnage Tax Scheme
ITA, 1961
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Explanation using Example
Imagine a shipping company, Oceanic Transports Ltd., which is currently benefitting from the tonnage tax scheme under the Income-tax Act, 1961. The company enters into a leaseback arrangement with a subsidiary, where it sells a ship to the subsidiary and immediately leases it back. This arrangement is noted by the tax authorities as potentially being designed to create a tax advantage rather than for genuine commercial reasons.
The Assessing Of...
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