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      Question

      As per section 26 of the General Insurance Business

      (Nationalisation) Act for the purposes of the Income-tax Act, 1961, how is every acquiring company treated?
      A As a foreign company Correct Answer Incorrect Answer
      B As a private company Correct Answer Incorrect Answer
      C As a non-profit organization Correct Answer Incorrect Answer
      D As an Indian company and a company in which the public are substantially interested Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      Section 26.┬аAcquiring companies and income-tax:┬а For the purposes of the Income-tax Act, 1961, every acquiring company shall be deemed to be an Indian company and a company in which the public are substantially interested.

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