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, ⁷⁰[or inland vessel, as the case may be,] which temporarily ceases to be a qualifying ship, such ship ⁷⁰[or inland vessel, as the case may be,] shall not be considered as a qualifying ship for the purposes of this Chapter.