Powers of Tribunal to allow claim of assessee when such claim was raised for first time before it

CIT Vs State Bank of India (Bombay High Court) Income Tax Appellate Tribunal (ITAT) has jurisdiction to examine a question of law, even though raised for the first time before the Tribunal, which arises from the facts as found by the authorities below and having a bearing on tax liability of assessee. Tribunal should not be prevented from considering questions of law arising in assessment proceedings although not raised earlier. FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT 1. This Appeal under Section 260-A of the Income Tax Act, 1961 (for short ‘the Act’) challenges the order date...