General exclusion of deduction and set off, etc. - Section 115VL - Income Tax - Ready Reckoner - Income Tax

General exclusion of deduction and set off, etc. - Section 115VL Notwithstanding anything contained in any other provision of this Act, in computing the tonnage income of a tonnage tax company for any previous year in which it is chargeable to tax in accordance with this Chapter Deductions deemed to have been allowed under section 30 to 43B Sections 30 to 43B shall apply as if every loss, allowance or deduction referred to therein and relating to or allowable for any of the relevant previous years, had been given full effect to for that previous year itself Carried Forward and set off of loss not allowed No loss referred u/s 70(1) and (3) or u/s 71(1) and (2) or u/s 72(1) or u/s 72A(1) , in so far as such loss relates to the business of operating qualifying ships of the company, shall be carried forward or set off where such loss relates to any of the previous years when the company is under the tonnage tax scheme No deduction under chapter VI-A No deduction shall be allowed under Chapter VI-A in relation to the profits and gains from the business of operating qualifying ships; and WDV for the next year to be computed as if depreciation deemed to have been allowed In computing the depreciation allowance under section 32 , the written down value of any asset used for the purposes of the tonnage tax business shall be computed as if the company has claimed and has been actually allowed the deduction in respect of depreciation for the relevant previous years.