Income-tax Act, 1961
Section - 115VZB - Avoidance of tax
G.-Provisions of this Chapter not to apply in certain casesAvoidance of tax.115VZB. (1) Subject to the provisions of this Chapter, the tonnage tax scheme shall not apply where a tonnage tax company is a party to any transaction or arrangement which amounts to an abuse of the tonnage tax scheme.(2) For the purposes of sub-section (1), a transaction or arrangement shall be considered an abuse if the entering into or the application of such transaction or arrangement results, or would but for this section have resulted, in a tax advantage being obtained for-
Explanation.-For the purposes of this section, "tax advantage" include,-
| (i) | - | a person other than a tonnage tax company; or |
| (ii) | - | a tonnage tax company in respect of its non-tonnage tax activities. |
| (i) | - | the determination of the allowance for any expense or interest, or the determination of any cost or expense allocated or a .... To read the full section download the app from Google Play store
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