Limit for charter in of tonnage - Section 115VV

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....ships operated by it during any previous year shall be chartered in. [ Section 115VV(1) ] * The proportion of net tonnage in respect of a previous year shall be calculated based on the average of net tonnage during that previous year  in such manner as may be prescribed in consultation with the Director-General of Shipping. [ Section 115VV(2) ] * As per Rule 11S, the average of ....

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.... the beginning of the previous year following the second consecutive previous year in which the limit had exceeded. [ Section 115VV(5) ] Note:- 1. For the purposes of this section, the term chartered in shall exclude a ship [or inland vessel, as the case may be,(Inserted vide Finance Act, 2025 W.e.f. 01.04.2026) ] chartered in by the company on bareboat charter-cum-demis....