# The Finance Act, 2023, Section 34: Amendment of section 72AA

- Act: The Finance Act, 2023 (Act 8 of 2023)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2023/section/34/

## 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;'.

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