Income-tax Act, 1961 · Chapter XII: G · B.—Computation of tonnage income from business of
Section 115VN: Chargeable gains from transfer of tonnage tax assets
The Income-tax Act, 1961 was repealed by the Income-tax Act, 2025 from 1 April 2026. The text is kept here because the judgments below apply it.
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.
Source: India Code (Legislative Department), the text of the Act as it stood before its repeal. Words in square brackets [ ] were inserted or substituted by later amending Acts, and *** marks words omitted by an amendment. The amendment footnotes are not reproduced here. Official text on India Code.
Supreme Court judgments citing the section 115VN
No Supreme Court judgment in our database cites this section yet.