Notification No. 108/2021-Income Tax | Dated: 10th September 2021

Last updated: 13 September 2021

Save Share

Quick Summary

This notification from the Central Board of Direct Taxes clarifies that Air India Limited will not be considered a 'seller' for the purposes of sub-section (1H) of section 206C of the Income-tax Act. This exemption applies specifically to the transfer of goods from Air India Limited to Air India Assets Holding Limited, as part of a government-approved plan. The notification is effective retrospectively from April 1, 2021.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 10th September, 2021
INCOME-TAX

S.O. 3681(E).—In exercise of the powers conferred by clause (b) of Explanation to sub-section (1H) of section 206C of the Income-tax Act, 1961 (43 of 1961) , the Central Government hereby specifies that, Air India Limited (PAN: AACCN6194P) shall not be considered as ‘seller’ for the purposes of sub-section (1H) of section 206C of the said Act in relation to transfer of goods by it to Air India Assets Holding Limited (PAN: AAQCA4703M) 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 April, 2021.

[Notification No. 108/2021/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 :

The notification specifies that Air India Limited shall not be considered a 'seller' under sub-section (1H) of section 206C of the Income-tax Act for specific transactions.

This exemption 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 is deemed to have come into force from the 1st day of April, 2021.

The notification was issued by the Central Board of Direct Taxes, Ministry of Finance, Government of India.

Yes, the notification has retrospective effect from April 1, 2021. An explanatory memorandum certifies that no person is adversely affected by this.

Notification No : 108/2021-Income Tax

231 Views Comment Share Income Tax Report

Notification posted by

CCI News Desk

Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

Comments