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Section 225

Income from the business of operating qualifying ships

Irrespective of anything contained in sections 26 to 54, in the case of a company, the income from the business of operating qualifying ships––

(a) may, at its option, be computed as per provisions of this Part; and

(b) such income shall be deemed to be the profits and gains of such business chargeable to tax under the head “Profits and gains of business or profession”.