Section 8 - Amendment of section 80CC - Direct Tax Laws (Second Amendment) Act, 1989

8. Amendment of section 80CC. In section 80CC of the Income-tax Act, in sub-section (3), - (i) in clause (a),- (a) in sub-clause (iii), for the word authority , the words authority; or shall be substituted; (b) after sub-clause (iii), the following sub-clause shall be inserted, namely :- (iv) operation of ships; ; (ii) to clause (b), the following proviso shall be added, namely :- Provided that this clause shall not apply in the case of an issue of equity shares made by a public company formed and registered in India with the main object of carrying on the business of operation of ships; .