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
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