Dipak Kumar Sen, J. - (1.) This reference under Section 256(1) of the Income-tax Act, 1961, is at the instance of the Calcutta State Transport Corporation, the assessee. The assessment year involved is 1962-63, the relevant previous year being the financial year 1961-62. The facts found or admitted in the statement of the case and the annexures thereto are as follows :
(2.) By a notification dated the 10th June, 1960, issued by the Government of West Bengal, under the Road Transport Corporations Act, 1950, as amended by the Road Transport Corporations (West Bengal Amendment) Act, 1959, the assessee was established and commenced functioning with effect from the 15th June, 1960.
(3.) In the assessment year 1961-62, the assessee was assessed to Income-tax for the first time in the status of an individual. This assessment was not disputed and became final. In the assessment year 1962-63, relevant in this reference, the Income-tax Officer again assessed the assessee in the same status. This time, the assessee challenged the assessment as also the status as determined by the Income-tax Officer and went up on appeal. The Appellate Assistant Commissioner confirmed the order of the Income-tax Officer.;