Section 115VH of Income Tax Act "Calculation in case of joint operation, etc"
115VH. (1) Where a qualifying ship is operated by two or
more companies by way of joint interest in the ship or by
way of an agreement for the use of the ship and their
respective shares are definite and ascertainable, the
tonnage income of each such company shall be an amount equal
to a share of income proportionate to its share of that
interest.
(2) Subject to the provisions of sub-section (1), where two
or more companies are operators of a qualifying ship, the
tonnage income of each company shall be computed as if each
had been the only operator.
115VJ. (1) Where a tonnage tax company also carries on
any business or activity other than the tonnage tax
business, common costs attributable to the tonnage tax
business shall be determined on a reasonable basis.
(2) Where any asset, other than a qualifying ship, is not
exclusively used for the tonnage tax business by the tonnage
tax company, depreciation on such asset shall be allocated
between its tonnage tax business and other business on a
fair proportion to be determined by the Assessing Officer,
having regard to the use of such asset for the purpose of
the tonnage tax business and for the other business.