Vessel engaged in drilling operations is ‘qualifying ship’ u/s. 115VD & eligible for tonnage tax scheme

HIGH COURT OF DELHI Commissioner of Income-tax, New Delhi Versus Jaggon International Ltd. IT APPEAL NOS. 1395 OF 2010 & 1289 OF 2011 NOVEMBER 8, 2012 ORDER S. Ravindra Bhat, J. The substantial question of law arising for consideration is “Whether on the true and correct interpretation of section 115VD of the Act could it be held that “Deep Sea Matdrill” is a ship for the purposes of chapter XX-G of IT. Act?” 2. The relevant facts are that the assessee sought to opt for tonnage tax scheme under Chapter XII-G especially Section 115VP/115VR of the Inc...