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    Question

    In accordance with Section 26 of the General Insurance

    Business (Nationalisation) Act, how is every acquiring company treated for the purposes of the Income-tax Act, 1961?
    A As a private company Correct Answer Incorrect Answer
    B As an Indian company Correct Answer Incorrect Answer
    C As a company in which the public are substantially interested Correct Answer Incorrect Answer
    D All a b & c Correct Answer Incorrect Answer
    E Both b & c Correct Answer Incorrect Answer

    Solution

    Section 26. Acquiring companies and income-tax:  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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