https://www.taxtmi.com/acts?id=3553 Section 33AC allows Government and public companies engaged in ship operation to deduct by crediting up to fifty per cent of profits to a reserve account, subject to a cap where the reserve exceeds twice the aggregate of paid-up share capital, general reserves and share premium. Reserve amounts must be utilised within eight years for acquiring new ships or for defined business purposes (excluding dividends, remittance of profits abroad or creation of assets outside India). Misuse, non utilisation after eight years, or sale of an acquired ship within the short holding period triggers deeming of the reserve amounts as taxable profits; sale proceeds not reinvested within one year are similarly recaptured. en-us Sat, 19 Jan 2008 22:45:54 +0530 Wed, 27 Aug 2025 12:54:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=3553 Section 33AC allows Government and public companies engaged in ship operation to deduct by crediting up to fifty per cent of profits to a reserve account, subject to a cap where the reserve exceeds twice the aggregate of paid-up share capital, general reserves and share premium. Reserve amounts must be utilised within eight years for acquiring new ships or for defined business purposes (excluding dividends, remittance of profits abroad or creation of assets outside India). Misuse, non utilisation after eight years, or sale of an acquired ship within the short holding period triggers deeming of the reserve amounts as taxable profits; sale proceeds not reinvested within one year are similarly recaptured. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=3553