Notification under Explanation to subsection (1) of section 194Q
Notification under Explanation to subsection (1) of section 194Q of Income tax Act, 1961
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.
- The notification shall be deemed to have come into force with effect from the 1st day of July, 2021.
Explanatory Memorandum : It is certified that no person is being adversely affected by giving retrospective effect to this notification.
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