Operating ships.

115VB.  For the purposes of this Chapter, a company shall be regarded as operating a ship if it operates¹[“inland vessel, as the case may be,”] whether owned or chartered by it and includes a case where even a part of ²[“inland vessel, as the case may be,”] has been chartered in by it in an arrangement such as slot charter, space charter or joint charter :

Provided that a company shall not be regarded as the operator of ³[“inland vessel, as the case may be,”] which has been chartered out by it on bareboat charter-cum-demise terms or on bareboat charter terms for a period exceeding three years.

Note:-

1 .Substituted by The Finance Bill, 2025 dated 01.02.2025 w.e.f.01.04.2026.

 for the words,

any ship

dshall be substituted namely:––

“inland vessel, as the case may be,”

2 .Substituted by The Finance Bill, 2025 dated 01.02.2025 w.e.f.01.04.2026.

 for the words,

the ship

dshall be substituted namely:––

“inland vessel, as the case may be,”

3 .Substituted by The Finance Bill, 2025 dated 01.02.2025 w.e.f.01.04.2026.

 for the words,

a ship

dshall be substituted namely:––

“inland vessel, as the case may be,”