Section 115V: Definitions

In this Chapter, unless the context otherwise requires,—

(a) —bareboat charter‖ means hiring of a ship for a stipulated period on terms which give the charterer possession and control of the ship, including the right to appoint the master and crew;

(b) —bareboat charter-cum-demise‖ means a bareboat charter where the ownership of the ship is intended to be transferred after a specified period to the company to whom it has been chartered;

(c) —Director-General of Shipping‖ means the Director-General of Shipping appointed by the Central Government under sub-section (1) of section 7 of the Merchant Shipping Act, 1958 (44 of 1958);

(d) —factory ship‖ includes a vessel providing processing services in respect of processing of the fishing produce;

(e) —fishing vessel‖ shall have the meaning assigned to it in clause (12) of section 3 of the Merchant Shipping Act, 1958 (44 of 1958);

(f) —pleasure craft‖ means a ship of a kind whose primary use is for the purposes of sport or recreation;

(g) —qualifying company‖ means a company referred to in section 115VC;

(h) —qualifying ship‖ means a ship referred to in section 115VD;

(i) —seagoing ship‖ means a ship if it is certified as such by the competent authority of any country;

(j) —tonnage income‖ means the income of a tonnage tax company computed in accordance with the provisions of this Chapter;

(k) —tonnage tax activities‖ means the activities referred to in sub-sections (2) and (5) of section 115V-I;

(l) —tonnage tax company‖ means a qualifying company in relation to which tonnage tax option is in force;

(m) —tonnage tax scheme‖ means a scheme for computation of profits and gains of business of operating qualifying ships under the provisions of this Chapter. B.—Computation of tonnage income from business of operating qualifying ships