In section 2 of the Income-tax Act,––(i)in clause (11), in sub-clause (b), after the words “or commercial rights of similar nature,”, the words “not being goodwill of a business or profession,” shall be inserted;(ii)in clause (14), after sub-clause (b), the following subclause shall be inserted, namely:––“(c) any unit linked insurance policy to which exemption under clause (10D) of section 10 does not apply on account of the applicability of the fourth and fifth proviso thereof;”;(iii)in clause (19AA), after Explanation 5, the following Explanation shall be inserted, namely:––“Explanation 6.–– For the purposes of this clause, the reconstruction or splitting up of a public sector company into separate companies shall be deemed to be a demerger, if such reconstruction or splitting up has been made to transfer any asset of the demerged company to the resulting company and the resulting company––(i)is a public sector company on the appointed day indicated in such scheme, as may be approved by the Central Government or any other body authorised under the provisions of the Companies Act, 2013 or any other law for the time being in force governing such public sector companies in this behalf; and(ii)fulfils such other conditions as may be notified by the Central Government in the Official Gazette in this behalf;”;(iv)clause (29A) shall be renumbered as clause (29AA) thereof and before clause (29AA) as so renumbered, the following clause shall be inserted, namely:––‘(29A) “liable to tax”, in relation to a person, means that there is a liability of tax on such person under any law for the time being in force in any country, and shall include a case where subsequent to imposition of tax liability, an exemption has been provided;’;(v)in clause (42C),--(I)for the words “undertaking as a result of the sale”, the words “undertaking, by any means,” shall be substituted;(II)after Explanation 2, the following Explanation shall be inserted, namely:––‘Explanation 3.––For the purposes of this clause, “transfer” shall have the meaning assigned to it in clause (47);’;(vi)in clause (48), with effect from the 1st day of April, 2022,––(I)in sub-clause (a), after the words “infrastructure capital fund or”, the words “infrastructure debt fund or” shall be inserted;(II)in sub-clause (b), after the words “infrastructure capital fund or”, the words “infrastructure debt fund or” shall be inserted;(III)the Explanation shall be numbered as Explanation 1 thereof and after Explanation 1 as so numbered, the following Explanation shall be inserted, namely:––‘Explanation 2.—For the purposes of this clause, the expression “infrastructure debt fund” shall mean the infrastructure debt fund notified by the Central Government in the Official Gazette under clause (47) of section 10.’.
