(4)[ Where the ship is sold or otherwise transferred (other than in any scheme of demerger) after the expiry of the period specified in clause (c) of sub-section (3) and the sale proceeds are not utilised for the purpose of acquiring a new ship within a period of one year from the end of the previous year in which such sale or transfer took place, ] [Inserted by Act 32 of 2003, Section 17 (w.e.f. 1.4.2004).][so much of such sale proceeds which represent the amount credited to the reserve account and utilised for the purposes mentioned in clause (c) of sub-section (3)] [ Substituted by Act 18 of 2005, Section 9, for " such sale proceeds" (w.r.e.f. 1.4.2004).][shall be deemed to be the profits of the assessment year immediately following the previous year in which the ship is sold or transferred.] [Inserted by Act 32 of 2003, Section 17 (w.e.f. 1.4.2004).][Explanation. - For the purposes of this section,-(a)"public company" shall have the meaning assigned to it in section 3 of the Companies Act, 1956 (1 of 1956);] [Now section 2(71) of the Companies Act, 2013.](aa)[ "Government company" shall have the meaning assigned to it in section 617 of the Companies Act, 1956 (1 of 1956);] [ Inserted by Act 18 of 1992, Section 12 (w.e.f. 1.4.1993).] [Now section 2(45) of the Companies Act, 2013.](b)[ "new ship" shall have the same meaning as in clause (ii) of sub-section (2) of section 32AB.] [Inserted by Act 36 of 1989, Section 5 (w.e.f. 1.4.1990).]
