1972 (7) TMI 32

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....in questions were referred for decision under section 26(2) of the Gift-tax Act by the Tribunal under the directions of the High Court. Sri Mangachari who appears for the assessee, stated that the assessee is not interested in pursuing the matter and wouid like to withdraw the reference. It is now settled by a number of decisions that this court may decide not to answer a reference if the party....

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.... attention to the decision of the Calcutta High Court in Karnani Industrial Bank Ltd. v. Commissioner of Income-tax. In that case the advocate for the assessee requested that he may be allowed to withdraw the application for the reference. It was, however, found that the question for consideration had been finally determined against the contention of the assessee by the Supreme Court. In those cir....