Income-tax Act, 1961

Section - 115V - Definitions

CHAPTER XII-G

SPECIAL PROVISIONS RELATING TO INCOME OF SHIPPING COMPANIES

A.-Meaning of certain expressions

Definitions.

115V. In this Chapter, unless the context otherwise requires,-

(a)- "bareboat charter" means hiring of a ship 56[or inland vessel, as the case may be,] for a stipulated period on terms which give the charterer possession and control of the ship 56[or inland vessel, as the case may be,] including the right to appoint the master and crew;
(b)- "bareboat charter-cum-demise" means a bareboat charter where the ownership of the ship 56[or inland vessel, as the case may be,] is intended to be transferred after a specified period to the company to whom it has been chartered;
(c)- "Director-General of Shipping" means the Director-General of Shipping appointed by the Central Government under sub-section (1) of section 7 of the Merchant Shipping Act, 1958 (44 of 1958);
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