COMMISSIONER OF INCOME TAX Vs. RAMANBHAI B AMIN

JUDGEMENT

(1.) AT the instance of the CIT,Gujarat, the following question is referred to us for our opinion:

(2.) ON behalf of the assessee, an oral application has been made for a certificate of fitness for appeal to the Supreme Court. We are of the opinion that since a consensus has been reached between the assessee and the Revenue to abide by the decision of the Supreme Court in appeal preferred by Kartikey V. Sarabhai from the aforesaid decision of this Court, being Civil Appeal No. 1777 of 1981 (Sunil Siddharthbhai vs. CIT and Kartikey V Sarabhai vs. CIT (1985) 49 CTR (SC) 172 : (1985) 156 ITR 509 (SC)) it may be necessary to grant leave to appeal, which, however, is not pressed for by the present assessee, in view of the consensus. Oral application, therefore, stands disposed of accordingly. The consensus is that the parties will abide by the decision of the Supreme Court in the aforesaid appeal and will not object to the Tribunal adjusting its order under s. 260(1) of the IT Act, 1961, in the light of the decision of the Supreme Court, and the Revenue shall not enforce the demand till the Tribunal adjusts according to the decision of the Supreme Court liberty reserved in case of difficulty.