Section 115VB Income Tax Act 2025 Operating ships.

⁴⁰ 115VB. For the purposes of this Chapter, a company shall be regarded as operating a ship^* if it operates any ship ^39b[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 ^39b[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 ⁴¹[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.