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TMI Blog2021 (5) TMI 386X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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. - ITA Nos. 1310 & 1311/Chd/2019 - - - Dated:- 28-4-2021 - N.K. Saini, Vice President And R.L. Negi, Member (J) For the Appellant : C. Chandrakanta, CIT For the Respondents : A.K. Jindal, CA ORDER Per R. L. Negi, Judicial Member The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case for the assessment year 2007-08. 2. The Ld. Pr. CIT, Chandigarh, by exercising jurisdiction u/s. 263 of the Act, revised the order passed by the AO u/s. 271(1)(c) of the Act and directed the AO to initiate penalty proceedings against the assessee to impose penalty u/s. 271(1)(c) of the Act for concealment of income. The assessee challenged the order passed by the Ld. Pr. CIT before the ITAT. The ITAT, vide common order dated 22.05.2019 set aside the order passed by the Pr. CIT u/s. 263 of the Act, affirming the action of AO in dropping proceedings-initiated u/s. 271(1)(c) of the Act holding that the order passed by the AO was not erroneous. In the meantime, the AO had passed the order u/s. 271(1)(c) of the Act in compliance of the o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rticulars of its income in filing its Income Tax Return for the year under consideration. 4. The appellant craves to leave to add or amend any grounds of appeal before the appeal is heard or disposed off. 4. At the outset, the Ld. Counsel for the assessee submitted that in this case penalty proceedings were initiated by the AO in compliance of directions given by the Ld. Pr. CIT vide order dated 30.03.2018, to initiate proceedings u/s. 271(1)(c) of the Act on the basis of addition of ₹ 16,84,86,188/- made on account of interest income from FDRS, on RGCTP and JNNURM projects. The Ld. Counsel further 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 act ..... X X X X Extracts X X X X X X X X Extracts X X X X
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