# The Finance Act, 1999, Section 39: Amendment of section 79

- Act: The Finance Act, 1999
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1999/section/39/

## Text

Amendment of section 79. 39. In section 79 of the Income-tax Act, in clause (a), after the proviso, the following proviso shall be inserted with effect from the 1st day of April, 2000, namely :— "Provided further that nothing contained in this section shall apply to any change in the shareholding of an Indian company which is a subsidiary of a foreign company as a result of amalga­mation or demerger of a foreign company subject to the condition that fifty-one per cent shareholders of the amalgamating or demerged foreign company continue to be the shareholders of the amalgamated or the resulting foreign company.". © Copyright. Taxmann Publications Pvt. Ltd.

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