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TMI BlogDepreciation and gains relating to tonnage tax assets.X X X X Extracts X X X X X X X X Extracts X X X X ..... t tax year) shall be computed on the written down value of the qualifying ships as specified under sub-section (2). (2) The written down value of the block of assets, being ships or inland vessels as the case may be, as on the first day of the first tax year, shall be divided in the ratio of the book written down value of the qualifying ships (herein referred to as the qualifying assets) and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l constitute a separate block of assets for the purposes of this Part. (4) Where an asset forming part of a block of,- (a) qualifying assets begins to be used for purposes other than the tonnage tax business, an appropriate portion of the written down value allocable to such asset shall be reduced from the written down value of that block and shall be added to the block of other assets as per t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rtion to be added to the block of qualifying asset; F = the written down value of block of other assets as on the first day of the tax year; G = book written down value of the other asset which begins to be used for tonnage tax business; and I = the aggregate of book written down value of all the assets forming the block of other assets. (5) For the purposes of computing depreciation under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome-tax. (8) Any profits or gains arising from the transfer of a capital asset being an asset forming part of the block of qualifying assets shall be chargeable to income-tax as per sections 67 and 74, and the capital gains so arising shall be computed as per sections 67 to 81. (9) For the purposes of computing such profits or gains, as referred to in sub-section (8), the provisions of section 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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