Section 115VR of Income Tax Act "Renewal of tonnage tax scheme"
115VR. (1) An option for tonnage tax scheme approved
under sub-section (3) of section 115VP may be renewed within
one year from the end of the previous year in which the
option ceases to have effect.
(2) The provisions of sections 115VP and 115VQ shall apply
in relation to a renewal of the option for tonnage tax
scheme in the same manner as they apply in relation to the
approval of option for tonnage tax scheme.
115VR. (1) An option for tonnage tax scheme approved
under sub-section (3) of section 115VP may be renewed within
one year from the end of the previous year in which the
option ceases to have effect.
(2) The provisions of sections 115VP and 115VQ shall apply
in relation to a renewal of the option for tonnage tax
scheme in the same manner as they apply in relation to the
approval of option for tonnage tax scheme.