TMI Blog2014 (5) TMI 388X X X X Extracts X X X X X X X X Extracts X X X X ..... e the penalty in case it is found as merely journal entries and no cash loans was taken - there is no infirmity in the order of the CIT(A) – thus, the order of the CIT(A) is upheld – Decided against Revenue. - ITA No. 4/Hyd/2014 - - - Dated:- 29-4-2014 - Shri Chandra Poojari And Smt. P. Madhavi Devi,JJ. For the Appellant : Smt. Padmaja For the Respondent : Sri J. J. Varun ORDER Per Chandra Poojari, A. M. This appeal by the Revenue is directed against the common order of the CIT(A)-I, Hyderabad dated 22.10.2013 for A.Ys. 2004-05 2006-07 to 2008-09 and the Revenue is in appeal for A.Y. 2007-08. 2. The grounds raised by the Revenue are as follows: 1. The order of the CIT(A) is erroneous both on facts and i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year, when the land was registered, land etc was debited in the books of M/s. Lahari Green Park and the party's etc, in whose name the same was purchased, was credited. It was therefore, argued that no cash loan was received so as to say that there was any contravention of sec. 269SS. 5. On a consideration of facts and explanation, the Jt. Commissioner of Income-tax, Central Range-1, Hyderabad in his order observed that the Assessing Officer had noted that as per the Receipt and Payment A/c, cash loan was received from M/s. Lahari Green Park which was utilized for purchase of land. The land was ultimately purchased in the name of the assessee and since she did not have sufficient funds, those were made available by M/s. Lahari Green ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n ITA Nos. 1814 to 1816/Hyd/2013 Others. The Tribunal vide order dated 12.4.2014 observed as follows: 8. We have heard the submissions of the parties and perused the orders of the revenue authorities. We have also perused the order passed by the co-ordinate bench of the Tribunal in ITA No. 394/Hyd/13 dated 12/7/2013 as well as judgment of Hon'ble A.P. High Court in ITTA No. 12 of 2014 confirming the order of the co-ordinate bench (supra). As can be seen from facts on record, it is the contention of the assessee that the assessee has not taken any cash loan but it is merely an adjustment by way of journal entries. The co-ordinate bench while considering identical issue in ITA No. 394/Hyd/13 and in ITA No. 1135/Hyd/12 (supra) direct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecision was taken on merit. We find that the learned Tribunal has correctly decided the same. Hence, we do not find any reason to admit this matter for setting the issue. The appeal is dismissed. Therefore, the Cl T (A) having followed the order of the coordinate bench and directed the Assessing Officer to verify and delete the penalty in case it is found as merely journal entries and no cash loans was taken, there is no infirmity in the order of the CIT (A). Accordingly, we uphold the order of the CIT (A) for all the years under consideration. 9. In the result. all the appeals filed by the department stand dismissed. 8. Being so, since the present appeal is on the same common order of the CIT(A) which was considered by the co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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