Income-tax Act, 1961 · Chapter XII: G · B.—Computation of tonnage income from business of
Section 115VC: Qualifying company
The Income-tax Act, 1961 was repealed by the Income-tax Act, 2025 from 1 April 2026. The text is kept here because the judgments below apply it.
For the purposes of this Chapter, a company is a qualifying company if—
(a) it is an Indian company;
(b) the place of effective management of the company is in India;
(c) it owns at least one qualifying ship; and
(d) the main object of the company is to carry on the business of operating ships.
Explanation.—For the purposes of this section, —place of effective management of the company‖ means— (A) the place where the board of directors of the company or its executive directors, as the case may be, make their decisions; or
(B) in a case where the board of directors routinely approve the commercial and strategic decisions made by the executive directors or officers of the company, the place where such executive directors or officers of the company perform their functions.
Source: India Code (Legislative Department), the text of the Act as it stood before its repeal. Words in square brackets [ ] were inserted or substituted by later amending Acts, and *** marks words omitted by an amendment. The amendment footnotes are not reproduced here. Official text on India Code.
Supreme Court judgments citing the section 115VC
No Supreme Court judgment in our database cites this section yet.