1979 (7) TMI 83

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....ght in treating the property as the property of the company, viz., Rampur Bankers Ltd., and assessed as such ? 2. Whether the District Magistrate was or could be deemed to be a representative of the Rampur Bankers Ltd. in the circumstances of the case ? 3. Whether the District Magistrate while acting under orders of the High Court under section 517, Cr. P.C. (present section 452 of the Code of Criminal Procedure, 1974) acts as representative of the company ? 4. Whether the District Magistrate, in the absence of any orders under the Indian Companies Act or of any Civil Court, be deemed to be an officer, representative or receiver of Rampur Bankers Ltd. ? 5. Whether the assets out of which the income arose could be deemed to be he....

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....osits made were, however, in the accounts of Rampur Bankers Limited. The interest earned on these deposits were assessed in the various years, and the controversy in the present case is as to whether interest accruing on these deposits could be taxed in the bands of the District Magistrate as receiver or administrator of the assets of the Rampur Bankers. We are of the view that there was no error in assessing these amounts in the hands of the District Magistrate, who had taken over the assets of the Rampur Bankers, under the orders of the court. Under the Indian I.T. Act, 1922, s. 41 made provision for assessment being made on a person, who managed property on behalf of another, on being appointed by or under any order of the court. Section....