C.—Procedure for option
of tonnage tax scheme
Method and time of opting for tonnage tax scheme.
115VP. (1) A qualifying company may opt for the tonnage tax
scheme by making an application to the Joint Commissioner having jurisdiction
over the company in the form and manner as may be prescribed46, for such scheme.
(2) The application under sub-section (1) may be made
by any existing qualifying company at any time after the 30th day of September,
2004 but before the 1st day of January, 2005 (hereafter referred to as the
“initial period”):
Provided that—
(i) a company incorporated after the initial
period; or
(ii) a qualifying company
incorporated before the initial period but which becomes a qualifying company
for the first time after the initial period,
may make an
application within three months of the date of its incorporation or the date on
which it became a qualifying company, as the case may be.
(3) On receipt of an application for option for
tonnage tax scheme under sub-section (1), the Joint Commissioner may call for
such information or documents from the company as he thinks necessary in order
to satisfy himself about the eligibility of the company and after satisfying
himself about such eligibility of the company to make such option for tonnage
tax scheme, he—
(i) shall pass an order in writing approving
the option for tonnage tax scheme; or
(ii) shall, if he is not
so satisfied, pass an order in writing refusing to approve the option for
tonnage tax scheme,
and a copy
of such order shall be sent to the applicant:
Provided
that no order under clause (ii) shall
be passed unless the applicant has been given a reasonable opportunity of being
heard.
(4) Every order granting or refusing the approval of
the option for tonnage tax scheme under clause (i) or
clause (ii), as the case may be, of sub-section (3) shall be
passed before the expiry of one month from the end of the month in which the
application was received under sub-section (1).
(5) Where an order granting approval is passed under
sub-section (3), the provisions of this Chapter shall apply from the assessment
year relevant to the previous year in which the option for tonnage tax scheme
is exercised.
