https://www.taxtmi.com/caselaws?id=122794 A drilling rig that remains a movable vessel and is recognised under the Merchant Shipping Act, 1958 was treated as a ship, not an offshore installation, for section 115VD of the Income-tax Act, 1961. Its specialised drilling function did not change its essential character, and the vessel's registration and licence under section 407 supported ship status. On that basis, the assessee could exercise the tonnage tax option under sections 115VP and 115VR. The analysis also aligned with the assessee's earlier judicial treatment of the same vessel as a ship. en-us Thu, 01 Oct 2009 00:00:00 +0530 Mon, 16 Oct 2023 10:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122794 A drilling rig that remains a movable vessel and is recognised under the Merchant Shipping Act, 1958 was treated as a ship, not an offshore installation, for section 115VD of the Income-tax Act, 1961. Its specialised drilling function did not change its essential character, and the vessel's registration and licence under section 407 supported ship status. On that basis, the assessee could exercise the tonnage tax option under sections 115VP and 115VR. The analysis also aligned with the assessee's earlier judicial treatment of the same vessel as a ship. Case-Laws Income Tax Thu, 01 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122794