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 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.

2. The notification shall be deemed to have come into force with effect from the 1st day of July, 2021.

[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.

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.

Notification No : 107/2021-Income Tax

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