Maintenance and audit of accounts.
115VW. An option for tonnage tax scheme by a tonnage tax
company shall not have effect in relation to a previous year unless such
company—
(i) maintains separate books of account in
respect of the business of operating qualifying ships; and
(ii) furnishes, along with the return of income
for that previous year, the report of an accountant, in the prescribed form50 duly signed and verified by such
accountant.
Explanation.—For the purposes of this
section, “accountant” shall have the same meaning as in the Explanation below
sub-section (2) of section 288.
