https://www.taxtmi.com/caselaws?id=25295 A hotel-running company was held not to qualify as an "industrial company" under section 2(7)(c) of the Finance Act, 1979, so it was not entitled to the lower rate of tax. The High Court treated the issue as already settled by an earlier Division Bench ruling, which had been followed by another High Court decision, and no contrary authority was shown. On that basis, the court held that the proposed question of law was covered by existing precedent and declined to direct a reference under section 256(2) of the Income-tax Act, 1961. en-us Fri, 12 Jun 1987 00:00:00 +0530 Wed, 27 Jan 2010 17:13:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25295 A hotel-running company was held not to qualify as an "industrial company" under section 2(7)(c) of the Finance Act, 1979, so it was not entitled to the lower rate of tax. The High Court treated the issue as already settled by an earlier Division Bench ruling, which had been followed by another High Court decision, and no contrary authority was shown. On that basis, the court held that the proposed question of law was covered by existing precedent and declined to direct a reference under section 256(2) of the Income-tax Act, 1961. Case-Laws Income Tax Fri, 12 Jun 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25295