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of <h1>Finance Bill 2023 amends Section 72A: Redefines 'strategic disinvestment' for tax purposes in mergers and demergers.</h1> Clause 33 of the Finance Bill, 2023 amends section 72A of the Income-tax Act concerning the carry forward and set off of accumulated losses and unabsorbed depreciation in cases of amalgamation or demerger. It redefines 'strategic disinvestment' to mean the sale of shareholding by the Central or State Government or a public sector company, resulting in a reduction of shareholding below 51% and transfer of control to the buyer. This condition applies only if the original shareholding exceeded 51%. The transfer of control can be executed by any combination of the Central Government, State Government, or public sector company. The amendment is effective from April 1, 2023.
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