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[Cites 0, Cited by 0] [Section 227] [Entire Act]

Union of India - Subsection

Section 227(7) in The Income Tax Act, 2025

(7)Where a qualifying ship is operated by two or more companies by way ofโ€“โ€“
(a)joint interest in the ship; or
(b)an agreement for the use of the ship, and their respective shares are definite and ascertainable, the tonnage income of each such company shall be an amount equal to a share of income proportionate to its share of that interest.