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of <h1>Finance Bill 2023 amends Section 72AA, easing loss carry forward for bank mergers post-strategic disinvestment.</h1> Clause 34 of the Finance Bill, 2023 amends section 72AA of the Income-tax Act, addressing the carry forward and set-off of accumulated losses and unabsorbed depreciation in amalgamation cases. It allows such benefits for banking companies merging with other banking institutions or companies post-strategic disinvestment, provided the merger occurs within five years of the disinvestment. Additionally, it introduces a definition for 'strategic disinvestment' referencing section 72A. These changes are effective from April 1, 2023, applicable to the assessment year 2023-2024 onwards.
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