{"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":"34","heading":"Amendment of section 72AA","text":"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;'.","html":"<p><b>Amendment of section 72AA.</b></p><p><b>34. </b> In section 72AA of the Income-tax Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>for clause (<i>i</i>), the following clause shall be substituted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>i</i>)</td><td></td><td>one or more banking company with—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>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</td></tr><tr><td>(<i>b</i>)</td><td></td><td>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\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>b</i>)</td><td></td><td>in the long line, after the words \"such banking institution or\", the words \"company or\" shall be inserted;</td></tr><tr><td>(<i>c</i>)</td><td></td><td>in the <i>Explanation,</i> after clause (<i>vi</i>), the following clause shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>'(<i>via</i>) \"strategic disinvestment\" shall have the meaning 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":168,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2023/section/34/","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."}