Section 115VZA Income Tax Act 2025 Effect of temporarily ceasing to operate qualifying ships.

⁶⁶ 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, ^66a[or inland vessel, as the case may be,] which temporarily ceases to be a qualifying ship, such ship ^66a[or inland vessel, as the case may be,] shall not be considered as a qualifying ship for the purposes of this Chapter.