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Income-Tax Act - Section No. 115VD
September, 04th 2010

Qualifying ship.

115VD. For the purposes of this Chapter, a ship is a qualifying ship if

          (a)  it is a sea going ship or vessel of fifteen net tonnage or more;

          (b)  it is a ship registered under the Merchant Shipping Act, 1958 (44 of 1958), or a ship registered outside India in respect of which a licence has been issued by the Director-General of Shipping under section 406 or section 407 of the Merchant Shipping Act, 1958 (44 of 1958); and

          (c)  a valid certificate in respect of such ship indicating its net tonnage is in force,

but does not include

           (i)  a sea going ship or vessel if the main purpose for which it is used is the provision of goods or services of a kind normally provided on land;

          (ii)  fishing vessels;

         (iii)  factory ships;

         (iv)  pleasure crafts;

          (v)  harbour and river ferries;

         (vi)  offshore installations;

        (vii)  43[***]

       (viii)  a qualifying ship which is used as a fishing vessel for a period of more than thirty days during a previous year.

 
 
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