The Central Board of Direct Taxes (CBDT) on May 31, 2023, issued the Income-tax (Eighth Amendment) Rules, 2023 to further amend the Income-tax Rules, 1962.
The following has been amended namely: -
• Rule 11UAC which state “Prescribed class of persons for the purpose of clause (XI) of the proviso to clause (x) of sub-section (2) of section 56” clause (4) has been substituted, namely: —
“Any movable property, being equity shares, of a public sector company or a company, received by a person from a public sector company or the Central Government or any State Government under strategic disinvestment.
Explanation - For the purposes of this clause, 'strategic disinvestment' shall have the same meaning as assigned to it in clause (iii) of Explanation to clause (d) of sub-section (1) of section 72A.”
This shall come into force from April 01, 2023, and shall be applicable for the assessment year 2023-2024 and subsequent assessment years
[Notification No. G.S.R. 403(E)]
