Binding precedent bars reference on penalty-computation issue under the Wealth-tax Act when the law is already settled.

A Revenue reference application on the computation of penalty under the Wealth-tax Act was not admitted because the issue had already been settled by the Supreme Court in Maya Rani Punj and followed by the High Court. As the governing precedent was binding, no referable question of law survived for consideration, and the application was dismissed.

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Issues: Whether the Revenue's application under section 27 of the Wealth-tax Act, 1957, seeking a reference on the penalty-computation question, was liable to be admitted when the issue had already been concluded by the Supreme Court and followed by the High Court.

Analysis: The question raised by the Revenue had already been settled by the Supreme Court decision in Maya Rani Punj and had also been followed by the High Court in an earlier decision. In view of the binding nature of that precedent, no referable question of law survived for admission of the application.

Conclusion: The application for reference was not admissible and was dismissed.

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