https://www.taxtmi.com/caselaws?id=20802 Under section 27(1) of the Wealth-tax Act, no reference was warranted on the assessee's claim to exemption under section 5(1)(iv) in respect of a share in a building owned by a firm. The High Court noted that the issue was already covered by a binding Full Bench decision, which had applied Supreme Court principles, and that the Tribunal's view granting the exemption was consistent with that precedent. Because the question was settled by existing authority, the Revenue's proposed question of law did not give rise to a referable issue. The petition seeking a direction to refer the question was therefore refused. en-us Thu, 18 Feb 1993 00:00:00 +0530 Tue, 17 Nov 2009 12:51:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20802 Under section 27(1) of the Wealth-tax Act, no reference was warranted on the assessee's claim to exemption under section 5(1)(iv) in respect of a share in a building owned by a firm. The High Court noted that the issue was already covered by a binding Full Bench decision, which had applied Supreme Court principles, and that the Tribunal's view granting the exemption was consistent with that precedent. Because the question was settled by existing authority, the Revenue's proposed question of law did not give rise to a referable issue. The petition seeking a direction to refer the question was therefore refused. Case-Laws Wealth-tax Thu, 18 Feb 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20802