G. C. Bharuka, J. - Heard learned counsel for the petitioner and the learned counsel for the Income-tax Department. In this ease the petitioner, which carries on business in timber and bamboos, has challenged the constitution validity of Section 206C of the Income-tax Ad, 1961 (hereinafter to be referred to as the Act only) as substituted with effect from 1.4.1992. A further prayer has also been made for Staying the operation of the said provision till the question of validity of the said provision is finally determined.

2. Sections 44AC and 206C were inserted in the Act by Finance Act, 1988. Under Section 44AC the Legislature had devised a notion of presumptive income i.e. 'income deemed to accrue by conclusive presumption of law for determining the income-tax liability of persons dealing in alcoholic liquor and timber. Under Section 206C a provision was made for collection of income-lax at source by the seller of the said commodities from the buyers with reference to the presumptive income postulated under Section 44AC. The said provision was challenged in this Court and in the Supreme Court on various constitutional grounds.

3. Keeping in view the wide ranging litigation o