Amendment of section 72AA
Section 34 of the Finance Act, 2023 deals with amendment of section 72AA. 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 und
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"; Section 34, The Finance Act, 2023 (Act 8 of 2023).
(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;'.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 34
What does Section 34 of the Finance Act deal with?
Section 34 of the Finance Act is headed "Amendment of section 72AA". 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 und
How do I find court cases under Section 34 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2023 34, section 34 Finance Act 2023, section 34 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 34 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 72AA (Carry forward and set off of accumulated loss and unabsorbed depreciation allowance in scheme of amalgamation in certain cases), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 2023 as Act 8 of 2023. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule10190 words
- 2. Income-tax8337 words
- Fourth Schedule. Fourth Schedule6615 words
- 5. Amendment of section 102717 words
- 150. Substitution of new section for section 1101621 words
- 54. Insertion of new section 115BAE1218 words
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