41[Chapter XII-G
Special Provisions Relating to Income of Shipping Companies
A.Meaning of certain expressions
Definitions.
115V. 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 342 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.
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