COMMISSIONER OF WEALTH TAX Vs. LATE LOKENDRA SINGH

JUDGEMENT

(1.) THIS is a reference made by the Tribunal under Section 27 (1) of the WT Act for answering the question referred to this Court, which reads as under:

(2.) WE have heard the learned counsel for the parties.

(3.) AT the outset we may take note of the fact and as rightly pointed out by learned counsel appearing for Revenue that the question referred to this Court stands answered by the Supreme Court in the case of Mohd. Ali Khan and Ors. v. CWT, (1997) 224 ITR 672 (SC) in favour of the Revenue and against the assessee. In other words, the question referred to this Court for answer by the Tribunal referred supra having been answered by the Supreme Court in the case of Mohd. Ali (supra), there remains nothing for this Court to take note of any legal issues arising out of the case and answer the question referred in favour of the Revenue and against the assessee. Indeed, once the issue is settled by the Supreme Court decision, then no Court in the country has jurisdiction to decide the issue except to decide the case in accordance with the law laid down by Supreme Court by virtue of Article 141 of Constitution of India.