Clause 33
Amendment of section 37L
of Income Tax (Amendment) Bill
BillNot in forceProvision 33 of 64
Clause 33
Section 37L of the principal Act is amended —
(a)
by deleting the words “subsection (16)(c)(v) and (d)(v)” in subsection (16E) and substituting the words “subsections (16)(c)(v) and (d)(v) and (17)(db)”; and
(b)
by inserting, immediately after paragraph (da) of subsection (17), the following paragraph:“(db)where the qualifying acquisition is one mentioned in subsection (4A)(a) or (b), the acquiring company or the acquiring subsidiary (as the case may be) fails to satisfy any condition prescribed under subsection (16E);”.