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2014 (5) TMI 513 - HC - Income TaxPenalty u/s 271(1)(c) of the Act STCG not offered in original return but in revised return Held that:- The issue has been taken up by the Assessee for the first time before the tribunal as an additional ground - The order of the Court confirming the amalgamation has also been produced before us for the first time - tribunal was not prevented in any manner and in law from considering a purely legal issue for the first time, moreso, if the legal issue goes to the root of the matter - an impact and legal effect of an order of amalgamation and winding up of the Assessee thereto on the penalty proceedings have been initiated and were continuing has to be seen - only two documents which required to be looked into were the scheme of amalgamation and the order passed in pursuance thereof by the Court. If that was the admitted factual position and based on which the legal issue was raised, then, the tribunal was obliged to answer the legal question - Its omission to answer is vitiated in law - The tribunal is a last fact finding Court and equally if it could have been approached by the Assessee Court on law and fact, then, in the given circumstances, the tribunal should have answered this issue and its failure to do so can safely be termed as not performing its duty in law - The direction to remit and to remand it to the Assessing Officer is not justified and in the peculiar facts thus, the order is set aside and the matter is remitted back to the Tribunal for adjduciation Decided in favour of Assessee.
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