Definition of New Ship or New Aircraft classifies used vessels from non resident owners as new for income tax classification. Definition of New Ship or New Aircraft for income tax purposes treats a vessel or aircraft as new when, at acquisition by the assessee, it had been used ... Summary
Definition of New Ship or New Aircraft classifies used vessels from non resident owners as new for income tax classification.
Definition of New Ship or New Aircraft for income tax purposes treats a vessel or aircraft as new when, at acquisition by the assessee, it had been used by another person but was never previously owned by any person resident in India, thereby including certain second hand assets acquired from non resident owners within the statutory category of new ships or new aircraft.
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