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,¹[“or inland vessel, as the case may be,”] which temporarily ceases to be a qualifying ship, such ship ¹[“or inland vessel, as the case may be,”] shall not be considered as a qualifying ship for the purposes of this Chapter.

Notes

1. Inserted by the Finance Bill 2025 dated 01.02.2025 w.e.f 01.04.2026