1. Arising for decision in this case are certain questions relating to the interpretation of some of the provisions in Chapter XII G of the Income Tax Act, 1961, the "Act", for short, providing special provisions relating to income of shipping companies, as per the Finance Act, 2004, hereinafter referred to as the "Finance Act".

2. Chapter XII G of the Act provides, among other things, a Tonnage Tax Scheme, which is optional. That chapter, comprising of Sections 115V to 115 VZC, was inserted in the Act, with effect from 1-4-2005.

3. Thepetitioner opted for the Tonnage Tax Scheme by making an application in terms of Section 115VP of the Act. The first respondent Additional Commissioner issued Ext. P-5 decision rejecting that application. This is under challenge.

4. The petitioner company alleges that it acquired four ships between 1995 and 2001 and that it has been regularly assessed to income tax in respect of income earned by it, including the income from the business of operating ships. It has also pleaded the particulars of income earned by it in respect of the business relating to the operation of ships between 1995-1996 and 2003-2004. On the basis of such pleadings,