https://www.taxtmi.com/caselaws?id=24708 Rule 2B(2) of the Wealth-tax Rules, 1957 applied only where the market value of closing stock exceeded the balance-sheet value by more than 20%; because that factual threshold was not met, no referable question of law arose and reference on that point was properly refused. By contrast, the assessee's claim to exemption under section 5(1)(xxxii) read with the Explanation to section 5(1)(xxxi) of the Wealth-tax Act, 1957 required construction of the statutory provisions and their application to the Tribunal's findings, so a question of law did arise and the Tribunal was directed to state the case on that issue. en-us Tue, 24 May 1988 00:00:00 +0530 Thu, 21 Jan 2010 18:12:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24708 Rule 2B(2) of the Wealth-tax Rules, 1957 applied only where the market value of closing stock exceeded the balance-sheet value by more than 20%; because that factual threshold was not met, no referable question of law arose and reference on that point was properly refused. By contrast, the assessee's claim to exemption under section 5(1)(xxxii) read with the Explanation to section 5(1)(xxxi) of the Wealth-tax Act, 1957 required construction of the statutory provisions and their application to the Tribunal's findings, so a question of law did arise and the Tribunal was directed to state the case on that issue. Case-Laws Wealth-tax Tue, 24 May 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24708