Clause 27 - Amendment of section 80LA. - Finance Bill, 2021

Amendment of section 80LA. 27. In section 80LA of the Income-tax Act, with effect from the 1st day of April, 2022, (i) in sub-section (1A), for the words any other relevant laws was obtained , the words permission or registration under the International Financial Services Centre Authority Act, 2019 (50 of 2019.) was obtained shall be substituted; (ii) in sub-section (2), after clause (c), the following clause shall be inserted, namely: (d) arising from the transfer of an asset, being an aircraft or aircraft engine, which was leased by a unit referred to in clause (c) to a domestic company engaged in the business of operation of aircraft, before such transfer subject to condition that the unit has commenced operation on or before the 31st day of March, 2024. ; (iii) in sub-section (3), for clause (ii), the following clause shall be substituted, namely: (ii) a copy of the permission obtained under clause (a) of sub-section (1) of section 23 of the Banking Regulation Act, 1949 (10 of 1949) or copy of permission or registration obtained under the International Financial Services Centre Authority Act, 2019 (50 of 2019). .