Section 233 — Amalgamation and demerger
(1) Where there has been an amalgamation of a company with another
company or companies, then, subject to the other provisions of this section,
the provisions relating to the tonnage tax scheme shall, as far as may be, apply to
the amalgamated company, if it is a qualifying company.
(2) Where the amalgamated company is not a tonnage tax company, it shall exercise
an option for tonnage tax scheme under section 231(1) within three months from
the date of the approval of the scheme of amalgamation.
41. Inserted by the Finance Act, 2026, w.e.f. 1-4-2026.
(3) Where the amalgamating companies are tonnage tax companies, the provisions
of this Part shall, as far as may be, apply to the amalgamated company for such
period as the option for tonnage tax scheme which has the longest unexpired period
continues to be in force.
(4) Where one of the amalgamating companies is a qualifying company as on the 1st
October, 2004 and which has not exercised the option for tonnage tax scheme before
the 1st January, 2005, the provisions of this Part shall not apply to the amalgam -
ated company and the income of the amalgamated company from the business of
operating qualifying ships shall be computed as per the other provisions of this Act.
(5) Where in a scheme of demerger, the demerged company transfers its business
to the resulting company before the expiry of the option for tonnage tax sche me,
then, subject to the other provisions of this Part, the tonnage tax scheme shall, as
far as may be, apply to the resulting company for the unexpired period, if it is a
qualifying company.
(6) The option for tonnage tax scheme in respect of the demerged company shall
remain in force for the unexpired period of the tonnage tax scheme if it continues
to be a qualifying company.
Related sections
- Section 190 — Determination of tax where total income includes income on which no tax is payable
- Section 191 — Tax on accumulated balance of recognised provident fund
- Section 192 — Tax in case of block assessment of search cases
- Section 193 — Tax on income from Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer
- Section 194 — [Ss. 115B, 115BB, 115BBF, 115BBG, 115BBH and 115BBJ of the 1961 Act]
- Section 195 — Tax on income referred to in sections 102 to 106
- Section 196 — Tax on short-term capital gains in certain cases
- Section 197 — Tax on long-term capital gains
- Section 198 — Tax on long-term capital gains in certain cases
- Section 199 — Tax on income of certain manufacturing domestic companies
- Section 200 — Tax on income of certain domestic companies
- Section 201 — Tax on income of new manufacturing domestic companies
- Section 202 — New tax regime for individuals, Hindu undivided family and others
- Section 203 — Tax on income of certain resident co-operative societies
- Section 204 — Tax on income of certain new manufacturing co-operative societies
- Section 205 — Conditions for tax on income of certain companies and co-operative societies
- Section 206 — Special provision for minimum alternate tax and alternate minimum tax
- Section 207 — Tax on dividends, royalty and fees for technical service in case of foreign companies
- Section 208 — Tax on income from units purchased in foreign currency or capital gains arising from their transfer
- Section 209 — Tax on income from bonds or Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer
- Section 210 — Tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer
- Section 211 — Tax on non-resident sportsmen or sports associations
- Section 212 — Interpretation
- Section 213 — Special provision for computation of total income of non-residents
- Section 214 — Tax on investment income and long-term capital gains
- Section 215 — Capital gains on transfer of foreign exchange assets not to be charged in certain cases
- Section 216 — Return of income not to be furnished in certain cases
- Section 217 — Application of benefits under sections 212 to 216
- Section 218 — Tax on business income of Offshore Banking Units or International Financial Services Centre unit
- Section 219 — Conversion of an Indian branch of foreign company into subsidiary Indian company
- Section 220 — Foreign company said to be resident in India
- Section 221 — Tax on income from securitisation trusts
- Section 222 — Tax on income in case of venture capital undertakings
- Section 223 — Tax on income of unit holder and business trust
- Section 224 — Tax on income of investment fund and its unit holders
- Section 225 — Income from business of operating qualifying ships
- Section 226 — Tonnage tax scheme
- Section 227 — Computation of tonnage income
- Section 228 — Relevant shipping income and exclusion from book profit
- Section 229 — Depreciation and gains relating to tonnage tax assets
- Section 230 — Exclusion of deduction, loss, set off, etc
- Section 231 — Method of opting of tonnage tax scheme and validity
- Section 232 — Certain conditions for applicability of tonnage tax scheme
- Section 234 — Avoidance of tax and exclusion from tonnage tax scheme
- Section 235 — Interpretation