Income-tax Act, 2025

Interpretation. - Section 235

Interpretation.

235. For the purposes of this Part,

(a) "bareboat charter" means hiring of a ship or inland vessel, as the case may be, for a stipulated period on terms which give the charterer possession and control of the ship 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 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 section 7(1) of the Merchant Shipping Act, 1958 (44 of 1958);

(d) "factory ship" includes a vessel providing processing services in respect of processing of the fishing produce;

(e) "fishing vessel" shall have the meaning assigned to it in section 3(12) of the Merchant Shipping Act, 1958 (44 of 1958);

(f) "inland vessel" shall have the meaning assigned to it in section 3(q) of the Inland Vessels Act, 2021 (24 of 2021);

42[(fa) "Inland Waterways Authority of India" shall have the same meaning as assigned to it in section 3 of the Inland Waterways Authority of India Act, 1985 (82 of 1985);]

(g) "pleasure craft" means a ship or inland vessel, as the case may be, of a kind whose primary use is for the purposes of sport or recreation;

(h) "qualifying company" means a company, if

(i) it is an Indian company;

(ii) the place of effective management of the company is in India;

(iii) it owns at least one qualifying ship; and

(iv) the main object of the company is to carry on the business of operating ships,

and for the purposes of sub-clause (ii), "place of effective management of the company" means

(A) the place where the board of directors of the company or its executive directors .... To read the full section download the app from Google Play store