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of <h1>Supreme Court: Pontoons & Tugs Qualify as 'Ships' for Higher Rebate Rate</h1> The Supreme Court held that pontoons and tugs are considered 'ships' for the purpose of receiving a development rebate at a higher rate of 40%. The Court ... Whether, the pontoons and tugs are covered by the expression 'ship' and therefore, are entitled to development rebate at a higher rate of 40 per cent instead of 25 per cent on the basis of plant - Having regard to the width of the meaning given to the word 'ships' in the depreciation table, it is clear that a flat-bottomed boat used as ferry -boat will clearly come within the description 'vessel ordinarily operating on inland waters' - revenue appeal is dismissed The Supreme Court ruled that pontoons and tugs are covered by the expression 'ship' for the purpose of development rebate at a higher rate of 40%. The definition of 'ship' includes tugs, and an expanded meaning includes pontoons. The Court agreed with the High Court's decision, dismissing the appeal with no costs.
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