COMMISSIONER OF INCOME TAX Vs. KARTIKEY V SARABHAI

JUDGEMENT

(1.) : The four pillars on which the approach bridge to taxation matter is built are :

(2.) COMMONSENSE as also the letter and the spirit of the law will have to be by and large sacrificed and the aforesaid pillars will have to be dismantled in order to uphold the startling proposition that--

(3.) WE first propose to deal with the first question which has been answered against the Revenue in IT Ref. No. 34/80. The question has been referred to us under s. 256(1) of the Act in the following terms :