115VZA Effect of temporarily ceasing to operate qualifying ships | Knowledge Bank

CHAPTER XII-G

SPECIAL PROVISIONS RELATING TO INCOME OF SHIPPING COMPANIES

F.-Miscellaneous

Effect of temporarily ceasing to operate qualifying ships.

115VZA. (1) A temporary cessation (as against permanent cessation) of operating any qualifying ship by a company shall not be considered as a cessation of operating of such qualifying ship and the company shall be deemed to be operating such qualifying ship for the purposes of this Chapter.

(2) Where a qualifying company continues to operate a ship,¹[“or inland vessel, as the case may be,”] which temporarily ceases to be a qualifying ship, such ship ¹[“or inland vessel, as the case may be,”] shall not be considered as a qualifying ship for the purposes of this Chapter.

Notes

1. Inserted by theThe Finance Act, 2025 dated 29.03.2025 w.e.f 01.04.2026

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