Any profits or gains arising from the transfer of a capital asset being an asset forming part of the block of qualifying assets shall be chargeable to income-tax in accordance with the provisions of section 45, read with section 50, and the capital gains so arising shall be computed in accordance with the provisions of sections 45 to 51:
Provided that for the purpose of computing such profits or gains, the provisions of section 50 shall have effect as if for the words "written down value of the block of assets", the words "written down value of the block of qualifying assets" had been substituted.
Explanation.-For the purposes of this Chapter, "written down value of the block of qualifying assets" means the written down value computed in accordance with the provisions of sub-section (2) of section 115VK.
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