Income from qualifying shipping operations may be computed under special provisions and deemed business profits for tax.

Income from the business of operating qualifying ships may, at a company's option, be computed as per the provisions of this Part and such income shall be deemed to be the profits and gains of that business chargeable to tax under the head "Profits and gains of business or profession", notwithstanding sections 26 to 54 except sections 50 and 53.

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