225. Income from business of operating qualifying ships.
Irrespective of anything contained in sections 26 to 54 (except 50 and 53), 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".[Similar to Section 115VA from The Income Tax Act, 1961.-Also Refer]
