{"act":{"id":"finance-act-2023","short_title":"The Finance Act, 2023","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2023-2024.","act_number":"8","act_year":2023,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":181,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2023/"},"unit":"section","section":{"number":"33","heading":"Amendment of section 72A","text":"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 sub-clause (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.'.","html":"<p><b>Amendment of section 72A.</b></p><p><b>33. </b> In section 72A of the Income-tax Act, in sub-section (1), in clause (<i>d</i>), in the <i>Explanation,</i> for clause (<i>iii</i>), the following clause shall be substituted, namely:—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>iii</i>)</td><td></td><td>\"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—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>reduction of its shareholding to below fifty-one per cent; and</td></tr><tr><td>(<i>b</i>)</td><td></td><td>transfer of control to the buyer:</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td></td><td></td><td><b>Provided</b> that the condition laid down in sub-clause (<i>a</i>) 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:</td></tr><tr><td></td><td></td><td><b>Provided further</b> that requirement of transfer of control referred to in sub-clause (<i>b</i>) 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.'.</td></tr></table></div>","words":163,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2023/section/33/","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."}