TMI BlogAmendment of section 72A.X X X X Extracts X X X X X X X X Extracts X X X X ..... (d) an erstwhile public sector company with one or more company or companies, if the share purchase agreement entered into under strategic disinvestment restricted immediate amalgamation of the said public sector company and the amalgamation is carried out within five year from the end of the previous year in which the restriction on amalgamation in the share purchase agreement ends, ; (ii) a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eans a company which was a public sector company in earlier previous years and ceases to be a public sector company by way of strategic disinvestment by the Government; (iii) strategic disinvestment means sale of shareholding by the Central Government or any State Government in a public sector company which results in reduction of its shareholding to below fifty-one per cent. along with trans ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ne or more public sector company or companies engaged in similar business then notwithstanding anything contained in any other provisions of the said Act, the accumulated loss and the unabsorbed depreciation of the amalgamating company shall be deemed to be the loss or, as the case may be, the allowance for unabsorbed depreciation of the amalgamated company for the previous year in which the amalg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e said public sector company and the amalgamation is carried out within five years from the end of the previous year in which the restriction on amalgamation in the share purchase agreement ends, the accumulated loss and the unabsorbed depreciation of the amalgamating company shall be deemed to be the loss or, as the case may be, allowance for unabsorbed depreciation of the amalgamated company for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsert an Explanation to define the expressions control , erstwhile public sector company and strategic disinvestment for the purposes of clause (d) of the said sub-section. These amendments will take effect from 1st April, 2021 and will, accordingly, apply in relation to the assessment year 2021-2022 and subsequent assessment years. - statute, statutory provisions legislation, law, enac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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