A legal entity that exists in one jurisdiction but is owned or controlled primarily by taxpayers of different jurisdiction is called

CS Executive · Tax Laws and Practice · PYQS · December 2015
A legal entity that exists in one jurisdiction but is owned or controlled primarily by taxpayers of different jurisdiction is called
(A) Collaborative foreign corporation
(B) Controlled foreign corporation
(C) Customised future company
(D) Co-operative control society.

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Income Tax Act, 1961

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