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[Cites 0, Cited by 0] [Section 115VJ] [Entire Act]

Union of India - Subsection

Section 115VJ(2) in The Income Tax Act, 1961

(2)Where any asset, other than a qualifying ship, is not exclusively used for the tonnage tax business by the tonnage tax company, depreciation on such asset shall be allocated between its tonnage tax business and other business on a fair proportion to be determined by the Assessing Officer, having regard to the use of such asset for the purpose of the tonnage tax business and for the other business.