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 prescribed1 form 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.
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1. See rule 11T and Form No. 66.