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        Income Tax

        Section 115VZA - Effect of temporarily ceasing to operate qualifying ships

        Income-tax Act, 1961
        Part F
        Miscellaneous

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        Temporary cessation of ship operations preserves company operator status under the shipping tax framework, but nonqualifying vessels lose qualifying status. Temporary cessation of operation of a qualifying ship by a company is not treated as cessation for the Chapter; the company is deemed to be operating the qualifying ship. Conversely, if a ship (or inland vessel) temporarily ceases to be a qualifying ship while a qualifying company operates it, that vessel is not considered a qualifying ship for the Chapter during that period.
                      Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                        Provisions expressly mentioned in the judgment/order text.

                            Temporary cessation of ship operations preserves company operator status under the shipping tax framework, but nonqualifying vessels lose qualifying status.

                            Temporary cessation of operation of a qualifying ship by a company is not treated as cessation for the Chapter; the company is deemed to be operating the qualifying ship. Conversely, if a ship (or inland vessel) temporarily ceases to be a qualifying ship while a qualifying company operates it, that vessel is not considered a qualifying ship for the Chapter during that period.


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