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2021 (5) TMI 386 - ITAT CHANDIGARHPenalty proceedings u/s. 271(1)(c) - Addition on account of interest income from FDRS, on RGCTP and JNNURM projects - As submitted that since the Tribunal has set aside the order passed by the Ld. Pr. CIT passed u/s. 263 of the Act affirming the action of the AO in dropping the penalty proceedings u/s. 271(1)(c) of the Act, the present appeal filed by the Revenue has become infructuous - HELD THAT:- As perused the order dated [2019 (5) TMI 1868 - ITAT CHANDIGARH] passed by the Co-ordinate Bench of the Tribunal, whereby the Coordinate Bench has set aside the order passed by the Pr. CIT u/s. 263 of the Act and affirmed the action of the AO in dropping penalty proceedings against the assessee. As pointed out by assessee, since the Tribunal has set aside the order passed u/s. 263 of the Act, directing the AO to initiate penalty proceedings, the order passed by the AO has become void ab initio. Hence, in view of the submissions made by the Ld. Counsel for the assessee in the light of the facts and the circumstances of the case, we dismiss the present appeal holding that the same has become infructuous.
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