Ajit R.Sengupta, J. - (1.) The question in this reference under Section 256(1) of the I.T. Act, 1961, is whether the Bank of China (in liquidation) should be assessed to income-tax on the footing that it is a company resident in India.
(2.) By an order of the High Court at Calcutta dated December 10, 1962, in Company Petition No. 229 of 1962 [Bank of China, In re [1964] 34 Comp Cas 90 (Cal)], moved by the Reserve Bank of India under Sections 457 and 456 read with Section 491 of the Companies Act, 1956, the assessee-company, Bank of China, went into liquidation. The official liquidatior was appointed as the liquidator of the assessee-bank and the entire assets and liabilities of the assessee-bank came under the control and management of the High Court.
(3.) While framing the assessment for the assessment year 1975-76, the ITO treated the assessee as a non-resident company. Sources of income of the assessee were from interest and rent. The said assessment was made on the official liquidator.;