https://www.taxtmi.com/caselaws?id=218579 A mobile deep-sea matdrill registered under the Merchant Shipping Act, 1958 was held to be a qualifying ship under section 115VD of the Income-tax Act because it was a sea-going vessel of the prescribed character and not an offshore installation. The decisive factors were that it was built for drilling operations, moved from place to place without being dismantled, and was not fixed at one location. The exclusion for offshore installations did not apply, and the Revenue's challenge to tonnage tax treatment failed. en-us Thu, 08 Nov 2012 00:00:00 +0530 Tue, 11 Dec 2018 09:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218579 A mobile deep-sea matdrill registered under the Merchant Shipping Act, 1958 was held to be a qualifying ship under section 115VD of the Income-tax Act because it was a sea-going vessel of the prescribed character and not an offshore installation. The decisive factors were that it was built for drilling operations, moved from place to place without being dismantled, and was not fixed at one location. The exclusion for offshore installations did not apply, and the Revenue's challenge to tonnage tax treatment failed. Case-Laws Income Tax Thu, 08 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218579