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Operating ships. 115VB. For the purposes of this Chapter, a company shall be regarded as operating a ship if it operates1[“inland vessel, as the case may be,”] whether owned or chartered by it and includes a case where even a part of 2[“inland vessel, as the case may be,”] has been chartered in by it in an arrangement such as slot charter, space charter or joint charter : Provided that a company shall not be regarded as the operator of 3[“inland vessel, as the case may be,”] which has been chartered out by it on bareboat charter-cum-demise terms or on bareboat charter terms for a period exceeding three years. Note:- 1 .Substituted by The Finance Bill, 2025 dated 01.02.2025 w.e.f.01.04.2026. for the words, any ship dshall be substituted namely:–– “inland vessel, as the case may be,” 2 .Substituted by The Finance Bill, 2025 dated 01.02.2025 w.e.f.01.04.2026. for the words, the ship dshall be substituted namely:–– “inland vessel, as the case may be,” 3 .Substituted by The Finance Bill, 2025 dated 01.02.2025 w.e.f.01.04.2026. for the words, a ship dshall be substituted namely:–– “inland vessel, as the case may be,”
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