Identical substantial question of law followed earlier precedent, leading the wealth tax appeal to be dismissed.

Where an identical substantial question of law in a wealth tax appeal had already been decided by the Court in an earlier matter involving the same assessee, the later appeal was treated as covered by that binding precedent. The Court applied the earlier view to the addition relating to the wealth of two trusts, answered the question against the Revenue and in favour of the assessee, and dismissed the appeal.

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Issues: Whether the addition made in respect of the wealth of the two trusts was rightly deleted and whether the substantial question of law in the wealth tax appeal was required to be answered in favour of the Revenue or the assessee.

Analysis: The appeal arose under Section 27(A) of the Wealth Tax Act, 1956. The issue raised was identical to the question already decided by the Court in an earlier matter involving the same assessee. Following that earlier decision, the Court treated the controversy as covered and answered the question in the same manner.

Conclusion: The question was answered against the Revenue and in favour of the assessee.

Final Conclusion: The appeal failed and was dismissed, with the earlier view on the identical issue being applied.

Ratio Decidendi: Where an identical substantial question of law has already been decided by the Court in the same factual context, the later appeal is to be resolved consistently by following that binding precedent.

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