Notification No. 107/2021-Income Tax | Dated: 10th September, 2021

Last updated: 13 September 2021

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This notification clarifies that Air India Assets Holding Limited will not be treated as a 'buyer' for the purposes of Section 194Q of the Income-tax Act. This exemption applies specifically to the transfer of goods from Air India Limited to Air India Assets Holding Limited, provided the transfer is part of a plan approved by the Central Government. The notification is effective from 1st July 2021.

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 Go

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FAQ :

Air India Assets Holding Limited is exempted from being considered a 'buyer' under Section 194Q of the Income-tax Act.

The exemption applies to the transfer of goods from Air India Limited to Air India Assets Holding Limited, provided it is under a plan approved by the Central Government.

This notification is deemed to have come into force with effect from 1st July 2021.

This notification is related to Explanation to sub-section (1) of section 194Q of the Income-tax Act, 1961.

No, it is certified that no person is being adversely affected by giving retrospective effect to this notification.