An option for tonnage tax scheme by a tonnage tax company shall not have effect in relation to a previous year unless such company-
(i) maintains separate books of account in respect of the business of operating qualifying ships; and
(ii) furnishes, along with the return of income for that previous year, the report of an accountant, in the prescribed form duly signed and verified by such accountant.
Explanation.-For the purposes of this section, "accountant" shall have the same meaning as in the Explanation below sub-section (2) of section 288.
Section 115VT Transfer of profits to Tonnage Tax Reserve Account
Section 115VU Minimum training requirement for tonnage tax company
Section 115VV Limit for charter in of tonnage
Section 115VW Maintenance and audit of accounts
Section 115VX Determination of tonnage
Section 115VZA Effect of temporarily ceasing to operate qualifying ships