Reinvestment condition for ship-sale proceeds: proceeds treated as income if not used to buy a new ship within one year. The amendment reduces the qualifying ownership period to three years and adds a deeming rule that if a ship is sold or transferred (other than in a scheme of demerger) after that period and the sale proceeds are not used to acquire a new ship within one year from the end of the previous year of sale, those proceeds are treated as the profits of the assessment year immediately following that previous year.
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Provisions expressly mentioned in the judgment/order text.
Reinvestment condition for ship-sale proceeds: proceeds treated as income if not used to buy a new ship within one year.
The amendment reduces the qualifying ownership period to three years and adds a deeming rule that if a ship is sold or transferred (other than in a scheme of demerger) after that period and the sale proceeds are not used to acquire a new ship within one year from the end of the previous year of sale, those proceeds are treated as the profits of the assessment year immediately following that previous year.
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