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Section 115VB: Operating ships

The Income-tax Act, 1961Central Act · Act 43 of 1961

Repealed. This text is published for reference. It is not in force, and it should not be relied on as current law without checking what replaced it. Repealed by the Income-tax Act, 2025, with effect from 1 April 2026

Operating ships.

For the purposes of this Chapter, a company shall be regarded as operating a ship if it operates any ship [or inland vessel, as the case may be,] whether owned or chartered by it and includes a case where even a part of the ship [or inland vessel, as the case may be,] has been chartered in by it in an arrangement such as slot charter, space charter or joint charter :

Provided that a company shall not be regarded as the operator of a ship [or inland vessel, as the case may be,] which has been chartered out by it on bareboat charter-cum-demise terms or on bareboat charter terms for a period exceeding three years.

Where this provision sits

ActThe Income-tax Act, 1961
Section115VB
Marginal noteOperating ships
JurisdictionCentral
StatusRepealed

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