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

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..... ating to the 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 .....

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..... . Demerger - Section 115VZ Where in a scheme of demerger, the demerged company transfers its 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 Provide .....

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