Section 232(7)(c) in The Income Tax Act, 2025

[Cites 0, Cited by 0] [Section 232(7)] [Section 232] [Entire Act]

Union of India - Subsection

Section 232(7)(c) in The Income Tax Act, 2025

(c)has been utilised for the purpose of acquiring a new ship or new inland vessel, as the case may be, as specified in sub-section (6)(a), but such ship or inland vessel, as the case may be, is sold or otherwise transferred, other than in any scheme of demerger by the company to any person at any time before the expiry of three years from the end of the tax year in which it was acquired,an amount which bears the same proportion to the total relevant shipping income of the year in which such reserve was created, as the amount out of such reserve so utilised or not utilised bears to the total reserve created during that year under sub-section (1) shall be taxable under the other provisions of this Act—

(i)in a case referred to in clause (a), in the year in which the amount was so utilised; or

(ii)in a case referred to in clause (b), in the year immediately following eight years specified in sub-section (6); or

(iii)in a case referred to in clause (c), in the year in which the sale or transfer took place.

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Union of India - Subsection

Section 232(7)(c) in The Income Tax Act, 2025