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Issues:
1. Challenge to the order passed by the Tribunal. 2. Quality of orders passed by the Tribunal. 3. Application of principles of law by the Tribunal. 4. Consideration of facts and principles governing the case. 5. Remand of the case to the Tribunal for proper consideration. Analysis: 1. The appellant challenged the order passed by the Tribunal, arguing that the finding was unjustified in law. The Tribunal's order was criticized for being cryptic and lacking proper justification. The High Court emphasized that the Tribunal is the final fact-finding authority, and if it goes wrong, it leaves the concerned party with limited remedies. The High Court noted that the quality of the order is crucial, rather than its length, and remanded the case to the Tribunal for a more thorough consideration. 2. The High Court observed that the three orders in question, including the original assessment order and the appellate order, were lacking in quality and detailed analysis. It stressed the importance of demonstrating a total application of mind in judicial proceedings. The High Court highlighted the need for a high sense of responsibility, especially when dealing with cases involving substantial authorities like the income-tax appellate authority. 3. The judgment emphasized that the Tribunal failed to follow well-defined principles of law in the case. It pointed out that while there may be differing views in court decisions, certain crystallized principles should be applied to the facts of the case. The High Court expected the Tribunal to carefully consider the facts and apply the relevant principles, as seen in previous cases where similar issues led to injustice. 4. The High Court criticized the lack of proper consideration of facts and principles by the Tribunal in the present case. It highlighted the need for a thorough analysis and application of well-defined principles to determine the treatment of proceeds in cases involving isolated transactions. The Court expected the Tribunal to remand the case for a proper consideration based on established principles. 5. In conclusion, the High Court set aside the impugned order and directed the Tribunal to issue a fresh notice, hear the assessee, reconsider the case on both facts and law, and make a new decision. The Court highlighted that cases like this should have been resolved at earlier stages, avoiding unnecessary appeals to the High Court. The judgment refrained from commenting on the merits of the case to avoid prejudicing either party, emphasizing the Tribunal's role in determining the outcome.
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