TMI Blog2023 (4) TMI 147X X X X Extracts X X X X X X X X Extracts X X X X ..... a by filing Civil Appeal before the Hon ble Apex Court as pending - HELD THAT:- As not refuted by the Revenue Department that the issues involved in the instant appeal are similar to the issues involved pending for adjudication before the Hon ble Apex Court and decision of the Supreme Court would be binding on the parties and the Assessee shall not file any reference and/or any statutory appeal either before the Hon ble High Court or before the Hon ble Apex Court qua the issues involved in the instant appeal. Hence, considering the fact that as on today decision on the issues under consideration raised by the Assessee is against the Assessee and therefore in view of the provisions of section 158A(1) of the Act, declaration in Form No. 8 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acter of income in the hands of the Assessee when the amount was received from the customers or when the cruise departed ? (c). Whether the ITAT was correct in law in allowing the Assessee to adjust the losses incurred on share transactions against the profit of commission agency business under the name and style of M/s. Tirun Travel Marketing ? 2.1 Ultimately, the Hon ble High court in the aforesaid case has upheld the order passed by the ld. CIT(Appeals) in the said case by observing as under : We, therefore, hold that the stand taken by the CIT(A) in this regard was correct and 25% of the booking advance received should be treated as the income of the Assessee assuming that there are no cancellations. However, the Assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not even when the agreement for Total Commissionable Revenue is only for Qualified Bookings which are completed only where cruise sails and for which full payment is received by the principal ? 4. The Assessee, therefore, claimed that the result of the questions involved before the Hon ble Supreme Court having direct relation with the issues involved in the instant appeal under consideration and therefore, in view of the provisions of section 158A(1) of the Act, the Assessee prayed that in case the Hon ble Tribunal agrees to apply the decision on the question of law as involved before the Hon ble Supreme Court in the aforesaid case, then the Assessee shall not raise any question(s) of law in appeal before any appellate authority ..... X X X X Extracts X X X X X X X X Extracts X X X X
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