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2023 (8) TMI 688 - SC ORDERPenalty u/s 271D - HELD THAT:- While the matters have proceeded upto this Court, in the interregnum acting on the order of the CIT (Appeals) who had remanded the matter back to the file of the AO a fresh order has been passed by the AO holding that the entries made by the assessee were only journal entries; therefore it did not call for imposition of any penalty. The aforesaid order passed by the AO on remand has not been assailed by the Revenue and has thus attained finality. Revenue submits that it is factually correct that on remand, the AO has reversed the imposition of penalty. Nonetheless the question, as to whether, penalty is leviable u/s 271D where transfer of money has taken place through journal entries is a live issue and is required to be adjudicated upon. We are of the view that the issue raised in these appeals have been rendered infructuous because of the subsequent turn of events. As a matter of fact, the same has become academic. Therefore, keeping the question of law open, we deem it appropriate to close the proceedings.
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