ITAT quashed penalty order u/s 271(1)(c) as assessment order u/s 263 was unsustainable. Consequentially, penalty levy dismissed.

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....Penalty u/s 271(1)(c) levied pursuant to order passed u/s 143(3) read with Section 263 was challenged before ITAT, Jaipur Bench. ITAT quashed the order of Principal Commissioner of Income Tax passed u/s 263. Consequentially, the assessment order, being the basis for penalty levy, became unsustainable. Hence, the consequent levy of penalty was dismissed by ITAT.....