Tonnage tax sec 115 v

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ravi agarwal (Querist)
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08 August 2011 SIR,
1) i want to ask when we compute seperate seperate depriciation on block of qualifying and non qualifying assessts then whether the depriciation of non qualifying assets is allowed from non qualifying business income..

2) sir whether we can set off or carry forward the loss of non qulifying business..

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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22 August 2011 Clause ii of Section 115VL specifies that
NO LOSS UNDER RELEVANT SUBSECTIONS OF SECTION 70 to 72A "WHICH RELATES TO THE BUSINESS OF OPERATING QUALIFYING SHIPS" OF THE COMPANY, SHALL BE C/FDOR SET OFF ...

SO RESTRICTION IS LIMITED TO THE QUALIFYING SHIPS LOSSES ONLY.

QUERY-sir whether we can set off or carry forward the loss of non qulifying business..

REPLY- YES.

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