Amalgamation and Demerger of shipping companies - Section 115VY & Section 115VZ

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..... he tonnage tax scheme shall, as far as may be, apply to the amalgamated company if it is a qualifying company. Situation Consequences 1. Where the amalgamated company is not a tonnage tax company at the time of amalgamation but amalgamated company is a qualifying company It shall exercise an option for tonnage tax scheme u/s 115VP(1) within 3 months from the date of the approval of the scheme of a .....

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..... s business to the resulting company before the expiry of the option for tonnage tax scheme, then, subject to the other provisions of this Chapter, the tonnage tax scheme shall, as far as may be, apply to the resulting company for the unexpired period if it is a qualifying company. However, the option for tonnage tax scheme in respect of the demerged company shall remain in force for the unexpired .....

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