Strategic disinvestment reducing government shareholding and transferring control alters carry-forward and set-off treatment under income tax. The amendment redefines strategic disinvestment in section 72A to mean sale of shareholding by the Central Government, a State Government or a public sector company that results in reduction of the seller's shareholding to below fifty-one per cent and transfer of control to the buyer; the reduction condition applies only where the seller held above fifty-one per cent before sale, and transfer of control may be effected by any one or more of the Central Government, State Government or public sector company. The amendment is effective from 1st April, 2023.
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Strategic disinvestment reducing government shareholding and transferring control alters carry-forward and set-off treatment under income tax.
The amendment redefines strategic disinvestment in section 72A to mean sale of shareholding by the Central Government, a State Government or a public sector company that results in reduction of the seller's shareholding to below fifty-one per cent and transfer of control to the buyer; the reduction condition applies only where the seller held above fifty-one per cent before sale, and transfer of control may be effected by any one or more of the Central Government, State Government or public sector company. The amendment is effective from 1st April, 2023.
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