{"act":{"id":"finance-act-2022","short_title":"The Finance Act, 2022","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2022-2023.","act_number":"6","act_year":2022,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":134,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2022/"},"unit":"section","section":{"number":"18","heading":"Amendment of section 79","text":"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;'.","html":"<p><b>Amendment of section 79.</b></p><p><b>18. </b> In section 79 of the Income-tax Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in sub-section (2), after clause (<i>e</i>), the following clause shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"(<i>f</i>) 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.\";</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>after sub-section (2), the following sub-section shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"(3) Notwithstanding anything contained in sub-section (2), if the condition specified in clause (<i>f</i>) 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.\";</td></tr><tr><td>(<i>iii</i>)</td><td></td><td>in the <i>Explanation</i>, after clause (<i>i</i>), the following clauses shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>'(<i>ia</i>)\"erstwhile public sector company\" shall have the same meaning as assigned to it in clause (<i>ii</i>) of the <i>Explanation</i> to clause (<i>d</i>) of sub-section (1) of section 72A;</td></tr><tr><td></td><td></td><td>(<i>ib</i>) \"strategic disinvestment\" shall have the same meaning as assigned to it in clause (<i>iii</i>) of the <i>Explanation</i> to clause (<i>d</i>) of sub-section (1) of section 72A;'.</td></tr></table></div>","words":206,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2022/section/18/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}