Section 26
Acquiring companies and income-tax.
The General Insurance Business (Nationalisation) Act, 1972
About this Act
An Act to provide for the acquisition and transfer of shares of Indian insurance companies and undertakings of other existing insurers in order to serve better the needs of the economy by securing the development of general insurance business in the best interests of the community and to ensure that the operation of the economic system does not result in the concentration of wealth to the common detriment, for the regulation and control of such business and for matters connected therewith or incidental thereto.
For the purposes of the Income-tax Act, 1961
(43 of 1961), every acquiring company shall be deemed to be an Indian company and a company in which
the public are substantially interested.