Special provision for computing profits and gains of shipping business other than cruise shipping in case of non-residents.

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..... ntrary contained in sections 28 to 43A, in the case of an assessee, being a non-resident, engaged in the business of operation of ships, 4[other than cruise ships referred to in section 44BBC,] a sum equal to seven and a half per cent of the aggregate of the amounts specified in sub-section (2) shall be deemed to be the profits and gains of such business chargeable to tax under the head "Prof .....

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..... amount of similar nature.] *************** NOTES:- 1. Inserted by the Finance Act, 1975, w.e.f. 1-4-1976. 2. Inserted by the Finance Act, 1997, w.r.e.f. 1-4-1976. 3. Substituted vide Section 16 of the Finance (No. 2) Act, 2024 dated 16-08-2024 w.e.f. 01-04-2025 before it was read as, "Special provision for computing profits and gains of shipping business in the case of non-resid .....

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