Section 18 - Amendment of section 79. - Finance Act, 2022

Amendment of section 79. 18. In section 79 of the Income-tax Act,- (i) in sub-section (2), after clause (e), the following clause shall be inserted, namely:- (f) to an erstwhile public sector company subject to the condition that the ultimate holding company of such company, immediately after the completion of strategic disinvestment, continues to hold, directly or through its subsidiary or subsidiaries, at least fifty-one per cent. of the voting power of such company in aggregate. ; (ii) after sub-section (2), the following sub-section shall be inserted, namely:- (3) Notwithstanding anything contained in sub-section (2), if the condition specified in clause (f) of the said sub-section is not complied with in any previous year after the completion of strategic disinvestment, the provisions of sub-section (1) shall apply for such previous year and subsequent previous years. ; (iii) in the Explanation, after clause (i), the following clauses shall be inserted, namely:- (ia) erstwhile public sector company shall have the same meaning as assigned to it in clause (ii) of the Explanation to clause (d) of sub-section (1) of section 72A; (ib) strategic disinvestment shall have the same meaning as assigned to it in clause (iii) of the Explanation to clause (d) of sub-section (1) of section 72A; .