A company shall be said to be engaged in "active business outside India" (ABOI), if the passive income is not of its total income and of its total assets are situated in India.

CS Executive · Tax Laws · PYQS · December 2020
A company shall be said to be engaged in "active business outside India" (ABOI), if the passive income is not of its total income and of its total assets are situated in India.
(A) less than 50%; more than 50%
(B) more than 50%; less than 50%
(C) less than 50%; less than 50%
(D) more than 50%; more than 50%

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Residential Status

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