https://www.taxtmi.com/caselaws?id=17548 The High Court determined that pontoons used for construction purposes did not qualify as "ships" under section 33 of the Income-tax Act, 1961, for claiming development rebate. The court emphasized that the term "ship" encompasses vessels used in navigation, involving the conveyance of goods and individuals through water. Pontoons, primarily serving as construction platforms in water, were distinguished from traditional vessels that navigate between points. Despite a previous Gujarat High Court judgment considering pontoons as ships under Income-tax Rules, the High Court held that such a broad interpretation did not apply to the Income-tax Act, ultimately denying the assessee's claim for a higher development rebate rate. en-us Thu, 10 Apr 1997 00:00:00 +0530 Wed, 23 Sep 2009 12:13:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17548 The High Court determined that pontoons used for construction purposes did not qualify as "ships" under section 33 of the Income-tax Act, 1961, for claiming development rebate. The court emphasized that the term "ship" encompasses vessels used in navigation, involving the conveyance of goods and individuals through water. Pontoons, primarily serving as construction platforms in water, were distinguished from traditional vessels that navigate between points. Despite a previous Gujarat High Court judgment considering pontoons as ships under Income-tax Rules, the High Court held that such a broad interpretation did not apply to the Income-tax Act, ultimately denying the assessee's claim for a higher development rebate rate. Case-Laws Income Tax Thu, 10 Apr 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17548