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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