Income-tax Act, 1961
Section - 115V - Definitions
CHAPTER XII-GSPECIAL PROVISIONS RELATING TO INCOME OF SHIPPING COMPANIESA.-Meaning of certain expressionsDefinitions.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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07 July 2026
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