Law:

Section:

Keywords: Limited Company, Assessment Year, Relief, Proceedings, Juristic Person, Recovery Of Tax, Petition, Provisions, Liquidation, Contributories, Petitioner, Property, Body Corporate, Notices, Legal Position, Succession, Returns, Money, Province, Local Authority, Dissolution, Possession, Recovery, Constitution, Private Company, Registered, Liquidator, Paid-Up Capital, Records, Jointly And Severally Liable, Place, Legal Proceedings, Director, Artificial Juridical Person, Copies, Penalty, Government, Payment, Notice, Association Of Persons, Validity, Management, Office, Returns Of Income Result: Petition accepted. JUDGMENT [The Judgment of the Court was delivered by Noorul Arfin J.]-The petitioner has, in this petition, questioned the validity of the notices issued by the Income Tax Officer, Special Circle, Karachi (respondent No. 2) under Section 4f(5-A) of the Income Tax Act, 1922, to the Bank of Tokyo and the Bank of Bahawalpur Ltd. The facts briefly stated are these:-On 29-6-1960, a co-operative society, called "The Inland Transport Co-operative Society Limited" was registered under the Sind Co-operative Societies Act, 1925, by the Registrar of Cooperative Societies, with petitioner as one of the members of the Society. After registration, the petitioner was elected as President of the Society. Under Bye-Law 39 of the Bye-laws of the Society registered with the Registrar of Co-operative Societies, the Management of the affairs of the Society vested in a Managing Committee consisting, in addition to the President and Vice-President of six members of the Society. On 26-12-1962, the Society was ordered to be wound up by the Registrar of Co-operative Societies and the petitioner was appointed as liquidator of the Society. The petitioner, as liquidator, after completing the various formalities relating to liquidation, submitted final report to the Registrar some time in 1964 together with the records of the Society. On 16th May 1966, the petitioner received a letter from the respondent No. 2 requiring him to file a return of income of the Society for the assessment year 1961-62. The petitioner, in reply, informed the respondent No. 2 that the Society had been…

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