Time limits specified in Section 115VP(2) is not mandatory

HIGH COURT OF GUJARAT Commissioner of Income-tax versus Blue Ocean Sea Transport Ltd. TAX APPEAL NOS. 714 to 716 of 2012 MARCH  1, 2013 ORDER Akil Kureshi, J. Revenue is in appeal against the judgement of the Income Tax Appellate Tribunal dated 22.05.2012 raising following questions for our consideration: “A. Whether in the circumstances and the facts of the case and in law, the Appellate Tribunal is justified in deciding that the provisions of Section 115VP(2) of the Act with regard to time stipulation for exercising the option of Tonnage Tax Scheme is not mandatory b...