Insertion of new section 33AC

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....being a public company formed and registered in India with the main object of carrying on the business of operation of ships, there shall, in accordance with and subject to the provisions of this section be allowed a deduction of an amount, not exceeding the total income (computed before making any deduction under this section and Chapter VIA), as is debited to the profit and loss account of the p....

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....he acquisition of a new ship, for the purposes of the business of the assessee other than for distribution by way of dividends or profits or for remittance outside India as profits or for the creation of any asset outside India. (3) Where any amount credited to the reserve account under sub-section (1),- (a) has been utilised for any purpose other than that referred to in clause ....