Section 115VN
Chargeable gains from transfer of tonnage tax assets. Repealed
About this Act
An Act to consolidate and amend the law relating to income-tax and super-tax
Any profits or gains arising from
the transfer of a capital asset being an asset forming part of the block of qualifying assets shall be
chargeable to income-tax in accordance with the provisions of section 45, read with section 50, and the
capital gains so arising shall be computed in accordance with the provisions of sections 45 to 51:
Provided that for the purpose of computing such profits or gains, the provisions of section 50 shall have effect as if for the words “written down value of the block of assets”, the words “written down value of the block of qualifying assets” had been substituted.
Explanation.—For the purposes of this Chapter, “written down value of the block of qualifying assets” means the written down value computed in accordance with the provisions of sub-section (2) of section 115VK.
Provided that for the purpose of computing such profits or gains, the provisions of section 50 shall have effect as if for the words “written down value of the block of assets”, the words “written down value of the block of qualifying assets” had been substituted.
Explanation.—For the purposes of this Chapter, “written down value of the block of qualifying assets” means the written down value computed in accordance with the provisions of sub-section (2) of section 115VK.