(9)An option for tonnage tax scheme shall cease to have effect from the tax year, in which—(a)the qualifying company ceases to be a qualifying company;(b)a default is made in complying with the provisions contained in section 232(1) to (20);(c)the tonnage tax company is excluded from the tonnage tax scheme under section 234;(d)the qualifying company furnishes to the Assessing Officer, a declaration in writing to the effect that the provisions of this Part may not be made applicable to it,and the profits and gains of the company from the business of operating qualifying ships shall be computed as per other provisions of this Act.
