CHAPTER XII

MODE OF PAYMENT IN CERTAIN CASES, ETC.

Income from business of operating qualifying ships.

225. 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”