Section 34 - Amendment of section 72AA. - Finance Act, 2023

Amendment of section 72AA. 34. In section 72AA of the Income-tax Act, (a) for clause (i), the following clause shall be substituted, namely: (i) one or more banking company with (a) any other banking institution under a scheme sanctioned and brought into force by the Central Government under sub-section (7) of section 45 of the Banking Regulation Act, 1949 (10 of 1949.); or (b) any other banking institution or a company subsequent to a strategic disinvestment, wherein the amalgamation is carried out within a period of five years from the end of the previous year during which such strategic disinvestment is carried out; or ; (b) in the long line, after the words such banking institution or , the words company or shall be inserted; (c) in the Explanation, after clause (vi), the following clause shall be inserted, namely: '(via) strategic disinvestment shall have the meaning assigned to it in clause (iii) of the Explanation to clause (d) of sub-section (1) of section 72A;'.