Section 115VB - Operating ships - Income-tax Act, 1961

Operating ships. 115VB. For the purposes of this Chapter, a company shall be regarded as operating a ship if it operates any ship 1 [ 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 2 [ 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 3 [ 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. ************** NOTES:- 1. Inserted vide Section 28 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2026 2. Inserted vide Section 28 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2026 3. Inserted vide Section 28 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2026