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Air India Assets Holding Limited shall not be considered as a buyer under section 194Q of the Income-tax Act, 1961. This exclusion applies to the transfer of goods by Air India Limited to Air India Assets Holding Limited under a plan approved by the Central Government. The notification applies retrospectively from the first day of July, 2021.
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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. 3680(E).—In exercise of the powers conferred by Explanation to sub-section (1) of section 194Q of the Income-tax Act, 1961 (43 of 1961) , the Central Government hereby specifies that Air India Assets Holding Limited (PAN: AAQCA4703M) shall not be considered as ‘buyer’ for the purpose of sub-section (1) of section 194Q of the said Act in case of transfer of goods by Air India Limited (PAN: AACCN6194P) to it under a plan approved by the Central Government.
[Notification No. 107 /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.
