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[Cites 0, Cited by 0] [Section 232] [Entire Act]

Union of India - Subsection

Section 232(10) in The Income Tax Act, 2025

(10)If the reserve required to be created under sub-section (1) is not created for any two consecutive tax years, the option of the company for tonnage tax scheme shall cease to have effect from the beginning of the tax year following the second consecutive tax year in which the failure to create the reserve under sub-section (1) had occurred.