Central Government Act
Section 80J(5) in The Income- Tax Act, 1995
(5) This section applies to any ship, where all the following conditions are fulfilled, namely:-
it is owned by an Indian company and is wholly used for the purposes of the business carried on by it;
it was not, previous to the date of its acquisition by the Indian company, owned and used in Indian territorial waters by a person resident in India; and
it is brought into use by the Indian company at any time within a period of 1[ thirty- three] years next following the 1st day of April, 1948 .