Tonnage tax company

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..... CORPORATION LTD. - [2008 (2) TMI 388 - KERALA HIGH COURT] "Section 115VA provides that notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of a company, the income from the business of operating qualifying ships, may, at its option, be computed in accordance with the provisions of Chapter XII-G and such income shall be deemed to be the profits and gains of .....

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..... chargeable to tax under the head "Profits and gains of business or profession". "Tonnage tax company" means a qualifying company in relation to which tonnage tax is in force see section 115VL. Section 115VP(1) provides that a qualifying company may opt for the tonnage tax scheme by making an application to the Joint Commissioner and under sub-section (3) of that section, the J .....

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..... ome from the business of operating qualifying ships. The concept of "the main object of the company" in section 115VC(d), in the absence of any provision to the contrary in Chapter XII-G, has necessarily to be understood in the manner in which that term is understood in common parlance, without being tied down to any requirement of the Companies Act to classify the objects of a company i .....

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