Minimum training requirement for tonnage tax company.
115VU. (1) A tonnage tax company, after its option has been
approved under sub-section (3) of section 115VP,
shall comply with the minimum training requirement in respect of trainee
officers in accordance with the guidelines47
framed by the Director-General of Shipping and notified in the Official Gazette
by the Central Government.
(2) The tonnage tax company shall be required to
furnish a copy of the certificate issued by the Director-General of Shipping
along with the return of income48
under section 139 to the effect that such company
has complied with the minimum training requirement in accordance with the
guidelines referred to in sub-section (1) for the previous year.
(3) If the minimum training requirement is not
complied with for any five consecutive previous years, the option of the
company for tonnage tax scheme shall cease to have effect from the beginning of
the previous year following the fifth consecutive previous year in which the
failure to comply with the minimum training requirement under sub-section (1)