SARALADEVI SARABHAI Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) IN this reference, at the instance of the assessee, the following question is referred for our opinion with reference to the assessment year 1974 -75 :

(2.) AT the hearing of the reference, Mr. R. K. Patel, learned counsel for the assessee, and Mr. Kureshi, learned counsel for the Revenue, state that the controversy raised herein is squarely covered by the decision in Sunil Sid -dharthbhai v. CIT : [1985]156ITR509(SC) .

(3.) MR . Kureshi, learned counsel for the Revenue, however, invited our attention to the caveat sounded by the apex court in the penultimate paragraph of the aforesaid decision and submitted that liberty may be reserved to the Assessing Officer to consider whether the partnership firm or the transaction in question was genuine or sham and also to consider other issues referred to in the aforesaid caveat.