India - Income Tax Act 2010 - Saarc

1.595 CH. XII-H - INCOME-TAX ON FRINGE BENEFITS S. 115WExclusion from tonnage tax scheme.115VZC. (1) Where a tonnage tax company is a party to any transaction orarrangement referred to in sub-section (1) of section 115VZB, theAssessing Officer shall, by an order in writing, exclude such company from thetonnage tax scheme:Provided that an opportunity shall be given by the Assessing Officer by servinga notice calling upon such company to show cause, on a date and time to bespecified in the notice, why it should not be excluded from the tonnage taxscheme:Provided further that no order under this sub-section shall be passed without theprevious approval of the Chief Commissioner.(2) The provisions of this section shall not apply where the company shows to thesatisfaction of the Assessing Officer that the transaction or arrangement was abona fide commercial transaction and had not been entered into for the purposeof obtaining tax advantage under this Chapter.(3) Where an order has been passed under sub-section (1) by the AssessingOfficer excluding the tonnage tax company from the tonnage tax scheme, theoption for tonnage tax scheme shall cease to be in force from the first day of theprevious year in which the transaction or arrangement was entered into.]Definitions.51[CHAPTER XII-H 52INCOME-TAX ON FRINGE BENEFITSA.—Meaning of certain expressions115W. In this Chapter, unless the context otherwise requires,—(a) “employer” means,—(i) a company;(ii) a firm;53[(iii) an association of persons or a body of individuals, whetherincorporated or not;](iv) a local authority; and(v) every artificial juridical person, not falling within any of thepreceding sub-clauses:51. Chapter XII-H, consisting of sections 115W to 115WL, inserted by the Finance Act, 2005,w.e.f. 1-4-2006.52. See also Circular No. 8/2005, dated 29-8-2005, No. 3/2007, dated 25-5-2007, No. 9/2007,dated 20-12-2007 and Circular No. 2/2010, dated 29-1-2010. For details, see Taxmann’sMaster Guide to Income-tax Act.53. Substituted by the Taxation Laws (Amendment) Act, 2005, w.e.f. 1-4-2006. Prior to itssubstitution, sub-clause (iii), as inserted by the Finance Act, 2005, w.e.f. 1-4-2006, read asunder :“(iii) an association of persons or a body of individuals, whether incorporated or not, butexcluding any fund or trust or institution eligible for exemption under clause (23C)of section 10 or registered under section 12AA;”