What is Residential Status of Company?

Residential Status of COMPANY:
Company will be resident if :
(1) It is an Indian company, OR
(2) Its control and management is situated wholly in India during the previous year.
In other words, only a foreign company may become non-resident when its control
and management is wholly / partly outside India.
Thus, a company can be either Resident / Non-Resident. It cannot be R & OR or R
but NOR.