Friday, 21 May 2021

Income Tax Section - 115VZA, Income Tax Act, 1961-2020

 Income Tax

Section - 115VZA,  Income Tax Act, 1961-2020


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, which temporarily ceases to be a qualifying ship, such ship shall not be considered as a qualifying ship for the purposes of this Chapter.

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