Clause 33 - Amendment of section 72A. - Finance Bill, 2023

Amendment of section 72A. 33. In section 72A of the Income-tax Act, in sub-section (1), in clause (d), in the Explanation, for clause (iii), the following clause shall be substituted, namely: (iii) strategic disinvestment means sale of shareholding by the Central Government or any State Government or a public sector company, in a public sector company or in a company, which results in (a) reduction of its shareholding to below fifty-one per cent.; and (b) transfer of control to the buyer: Provided that the condition laid down in subclause (a) shall apply only in a case where shareholding of the Central Government or the State Government or the public sector company was above fifty-one per cent. before such sale of shareholding: Provided further that requirement of transfer of control referred to in sub-clause (b) may be carried out by the Central Government or the State Government or the public sector company or any two of them or all of them. .