Home› India› Ministry of Finance› Notification u/s 47(viiaf) of the Income Tax Act, 1961 for t...
Date: 27-Nov-2024 Category: Extra Ordinary State: Union Government Country: India

Notification u/s 47(viiaf) of the Income Tax Act, 1961 for transfer of capital asset from NLC India Limited (NLCIL) to NLC India Renewables Ltd (NIRL)

Issued by Ministry of Finance · Department of Revenue

Research with AI Agent Chat with Document Generate Summary Translate Helpful Share Add to Project Create Task

Executive Summary & Key Takeaways

What it means

  • This gazette notification, issued by the Ministry of Finance, formally notifies the transfer of capital assets from NLC India Limited (NLCIL) to NLC India Renewables Limited (NIRL).
  • This transfer is executed under a plan approved by the Central Government on August 1, 2024.
  • The notification is issued under clause (viiaf) of section 47 of the Income-tax Act, 1961, which provides an exemption from capital gains tax for certain transfers of assets between public sector companies.

Key Changes

  • The notification formally recognizes the transfer of capital assets from NLC India Limited (NLCIL) to NLC India Renewables Limited (NIRL).
  • The transfer is effective as per the plan approved by the Central Government on August 1, 2024.
  • This notification is issued under section 47 (viiaf) of the Income Tax Act, 1961, which provides for tax exemptions on such transfers between public sector entities.
  • The notification is effective from the date of its publication in the Official Gazette, which is November 27, 2024.

Impact Analysis

Impact on NLC India Limited (NLCIL)

  • Action Item: NLCIL should update its asset register and financial statements to reflect the transfer of assets to NIRL.

Impact on NLC India Renewables Limited (NIRL)

  • Action Item: NIRL should update its asset register and financial statements to reflect the acquisition of assets from NLCIL.

Impact on Government

  • Action Item: The Central Board of Direct Taxes (CBDT) should monitor the implementation of the transfer and ensure compliance with the Income-tax Act.

Impact on Shareholders of NLCIL and NIRL

  • Action Item: NLCIL and NIRL should communicate the details of the transfer to their shareholders in their regular communications.

Impact on General Public

  • Action Item: No specific action required from the general public.

Key Entities Referenced

NLC India Limited (NLCIL): A transferor public sector company with PAN: AAACN1121C. NLC India Renewables Limited (NIRL): A transferee public sector company with PAN: AAICN9440Q. Central Board of Direct Taxes (CBDT): The issuing authority under the Ministry of Finance. Income-tax Act, 1961: The act under which the notification is issued, specifically section 47(viiaf).
Official Source Record View Original Source →
See Full Document Text
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-27112024-258947 CG-DxLx-xEG-I2D7H1x1x2x0 24-258947 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 4684] नई दिल्ली, बुधिार, निम्ब र 27, 2024/अग्रहायण 6, 1946 No. 4684] NEW DELHI, WEDNESDAY, NOVEMBER 27, 2024/AGRAHAYANA 6, 1946 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केन्द्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल्ली, 27 निम्बर, 2024 का.आ. 5074(अ).— केंरीय सरकार आयकर अजधजनयम, 1961 (1961 का 43) की धारा 47 के खंड (viiकच) द्वारा प्रित्त िजियों का प्रयोग करते हुए, एनएलसी इंजडया जलजमटेड ("एनएलसीआईएल") (पैन: AAACN1121C), िो एक हस्ट्तातं रणकताड सािडिजनक क्षेत्र की कंपनी ह,ै स े एनएलसी इंजडया ररन्द्यूएबल्स जलजमटेड ("एनआईआरएल") (पैन: AAICN9440Q), िो एक हस्ट्तांतरी सािडिजनक क्षेत्र की कंपनी है, को उि खंड के प्रयोिनों के जलए 1 अगस्ट्त, 2024 को केंरीय सरकार द्वारा अनुमोदित योिना के अंतगडत आजस्ट्त के हस्ट्तांतरण को अजधसूजचत करती ह।ै 2. यह अजधसूचना रािपत्र में प्रकािन की तारीख से प्रिृत्त होंगी। [अजधसूचना सं. 122/2024/फा.सं. 225/68/2024-आईटीए-II] डॉ. कास्त्रो ियप्रकाि टी. अिर सजचि 7633 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 27th November, 2024 S.O.5074 (E).––In exercise of the powers conferred by clause (viiaf) of section 47 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the transfer of capital asset from NLC India Limited (“NLCIL”) (PAN: AAACN1121C), being transferor public sector company, to NLC India Renewables Ltd (“NIRL”) (PAN: AAICN9440Q), being transferee public sector company, under the plan approved by the Central Government on 1st day of August, 2024, for the purposes of the said clause. 2. This notification shall come into force from the date of its publication in the Official Gazette. [Notification No. 122/2024/ F. No. 225/68/2024-ITA.II] Dr. CASTRO JAYAPRAKASH T., Under Secy. . Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

Continue your research

Related Documents from Ministry of Finance