law: The Income-Tax Act, 1961
  1[Chapter XIIG
  Special Provisions Relating to Income of Shipping Companies
  A.-Meaning of certain expressions
  115V. Definitions.-
  In this Chapter, unless the context otherwise requires,-
  (a) "bareboat charter" means hiring of a ship for a stipulated period on terms which give the charterer possession and control of the ship, including the right to appoint the master and crew;
  (b) "bareboat charter-cum-demise" means a bareboat charter where the ownership of the ship is intended to be transferred after a specified period to the company to whom it has been chartered;
  (c) "Director-General of Shipping" means the Director-General of Shipping appointed by the Central Government under sub-section (1) of section 7 of the Merchant Shipping Act, 1958 (44 of 1958);
  (d) "factory ship" includes a vessel providing processing services in respect of processing of the fishing produce;
  (e) "fishing vessel" shall have the meaning assigned to it in clause (12) of section 3 of the Merchant Shipping Act, 1958 (44 of 1958);
  (f) "pleasure craft" means a ship of a kind whose primary use is for the purposes of sport or recreation;
  (g) "qualifying company" means a company referred to in section 115VC;
  (h) "qualifying ship" means a ship referred to in section 115VD;
  (i) "seagoing ship" means a ship if it is certified as such by the competent authority of any country;
  (j) "tonnage income" means the income of a tonnage tax company computed in accordance with the provisions of this Chapter;
  (k) "tonnage tax activities" means the activities referred to in sub-sections (2) and (5) of section 115V-I;
  (l) "tonnage tax company" means a qualifying company in relation to which tonnage tax option is in force;
  (m) "tonnage tax scheme" means a scheme for computation of profits and gains of business of operating qualifying ships under the provisions of this Chapter.
  1. Ins. by Act 23 of 2004, s. 30 (w.e.f. 1-4-2005).