Operating ships - Definition / Legal Terminology - Income Tax

As per section 115VB of the Income tax Act, 1961. ''Operating ships'' For the purposes of Chapter of XII-G (Special Provisions relating to income of shipping companies) , a company shall be regarded as operating a ship if it operates any ship whether owned or chartered by it and includes a case where even a part of the ship 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 a ship which has been chartered out by it on bareboat charter-cum-demise terms or on bareboat charter terms for a period exceeding three years.