225Income from business of operating qualifying ships.
Section 225 · Chapter XIII · G.—Special provisions relating to income of shipping companies · page 273 of the Act
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".