When a transporter having more than 100 Cr of Turnover purchases Diesel from Indian Oil Corporation Ltd and receives Petro Cards of the same amount is he liable to deduct tax at source u/s 194Q of the Act ?

A transporter having more than 100 Cr of Turnover purchases  Diesel from Indian Oil Corporation Ltd.It makes advance payments to the Co and in return receives Petro Cards of the same amount.The no. of Petro Cards and value charged to each card is as per the requirement of the transporter. The driver of the individual truck is buying diesel from any  dealer of the IOC  located on his allotted route by swiping the Petro  Card on the POS machine kept at the pump.The pump owner hands over a machine generated slip of the quantity of diesel filled and amount thereof.…

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