A company shall be deemed to be one as per section 2(18) of the Income Tax Act, 1961 in which public are substantially interested and is owned by the Government or Reserve Bank of India (RBI) or in which not less than ..

Official answer key: (B). Official source note: A company shall be deemed to be one as per section 2(18) of the Income Tax Act, 1961 in which public are substantially interested and is owned by the Government or Reserve Bank of India (RBI) or in which not less than ________ of the shares whether singly or taken together are being held by the Government or Reserve Bank of India or a Corporation owned by the RBI. (A) 50% (B) 40% (C) 51% (D) 45% 2. “Assessee” as per section 2(7) of the Income Tax Act, 1961, means a person by whom income tax or super tax or any other sum of money is payable under this Act and includes : (A) every person who is deemed to be an assessee in default under any provision of this Act, (B) every person in respect of whom any proceeding under this Act has been taken for assessment of his income or income of any other person in respect of which he is assessable, (C) every person who is deemed to be an assessee under any provision of this Act. (D) All of the above