Notwithstanding anything contained in any other provision of this Act, in computing the tonnage income of a tonnage tax company for any previous year (hereafter in this section referred to as the "relevant previous year") in which it is chargeable to tax in accordance with this Chapter-
(i) sections 30 to 43B shall apply as if every loss, allowance or deduction referred to therein and relating to or allowable for any of the relevant previous years, had been given full effect to for that previous year itself;
(ii) no loss referred to in sub-sections (1) and (3) of section 70 or sub-sections (1) and (2) of section 71 or sub-section (1) of section 72 or sub-section (1) of section 72A, in so far as such loss relates to the business of operating qualifying ships of the company, shall be carried forward or set off where such loss relates to any of the previous years when the company is under the tonnage tax scheme;
(iii) no deduction shall be allowed under Chapter VIA in relation to the profits and gains from the business of operating qualifying ships; and
(iv) in computing the depreciation allowance under section 32, the written down value of any asset used for the purposes of the tonnage tax business shall be computed as if the company has claimed and has been actually allowed the deduction in respect of depreciation for the relevant previous years.
Section 115VJ Treatment of common costs
Section 115VL General exclusion of deduction and set off, etc
Section 115VM Exclusion of loss
Section 115VN Chargeable gains from transfer of tonnage tax assets
Section 115VO Exclusion from provisions of section 115JB
Section 115VP Method and time of opting for tonnage tax scheme
Section 115VQ Period for which tonnage tax option to remain in force
Section 115VR Renewal of tonnage tax scheme
Section 115VS Prohibition to opt for tonnage tax scheme in certain cases