(1)Where a tonnage tax company is a party to any transaction or arrangement referred to in sub-section (1) of section 115-VZB, the Assessing Officer shall, by an order in writing, exclude such company from the tonnage tax scheme:Provided that an opportunity shall be given by the Assessing Officer by serving a notice calling upon such company to show cause, on a date and time to be specified in the notice, why it should not be excluded from the tonnage tax scheme:Provided further that no order under this sub-section shall be passed without the previous approval of the Chief Commissioner.
