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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. 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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