Section 115VZA - Effect of temporarily ceasing to operate qualifying ships - Income-tax Act, 1961

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 2 [ 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 vide Section 37 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2026 2. Inserted vide Section 37 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2026