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2020 (9) TMI 1277 - AT - Income TaxRevision u/s 263 - As per CIT, AO failed to initiate penalty proceedings u/s 271(1)(C) of the Act, hence the assessment order passed by the AO was erroneous and prejudicial to the interest of Revenue - HELD THAT:- ITAT Coordinate Bench, Jaipur [2007 (5) TMI 274 - ITAT JAIPUR-A] had already deleted the entire addition mainly with respect to which the ld. CIT (Adm) invoked Section 263 - Since the very additions are not in existence at this stage, therefore, sustaining the present order of ld. Pr.CIT u/s 263 of the Act is not in accordance with law. However, the ld. DR submitted before us that they have challenged the order passed by the ITAT Jaipur bench before the Hon'ble Rajasthan High Court as ITAT has wrongly deleted the addition. No order of Hon'ble Rajasthan High Court staying operation of the order of ITAT Jaipur Bench in deleting the addition has been placed before us. Therefore, in such circumstances as of now, there are no additions in existence as those very additions on the basis of which the Pr. CIT had invoked the provisions of Section 263 of the Act had already stood deleted by the ITAT Coordinate Bench, Jaipur. Therefore, we allow the present appeal of the assessee.
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