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The Central Government specifies that no deduction of tax applies to any payment made to Air India Limited for the transfer of immovable property to Air India Assets Holding Limited. This exemption applies under a plan approved by the Central Government. The notification applies with effect from the first day of April, 2021. No person is adversely affected by the retrospective effect.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 10th September, 2021 INCOME-TAX
S.O. 3679(E).—In exercise of the powers conferred by sub-section (1F) of section 197A of the Income-tax Act, 1961 (43 of 1961) , the Central Government hereby specifies that no deduction of tax shall be made under section 194-IA of the said Act on any payment made to the Air India Limited (PAN: AACCN6194P) for transfer of immovable property to Air India Assets Holding Limited (PAN: AAQCA4703M) under a plan approved by the Central Government.
[Notification No. 106 /2021/F. No. 370149/158/2021-TPL] ANKIT JAIN, Under Secy. (Tax Policy and Legislation)
Explanatory Memorandum : It is certified that no person is being adversely affected by giving retrospective effect to this notification.
