TMI Blog2014 (8) TMI 1185X X X X Extracts X X X X X X X X Extracts X X X X ..... urnal, no penalty proceedings can be initiated. Hence, it was sent for clarification whether actual flow of money did take place - Decided against revenue - ITA.No.624, 625, 627 & 628/Hyd/2014 Assessment Years: 2005-06 to 2008-09 - - - Dated:- 20-8-2014 - Shri B. Ramakotaiah, Accountant Member And Shri Saktijit Dey, Judicial Member For Revenue : Mr. Solgy Jose T. Kottaram For Assessee : Mr. Balai Naman Jain ORDER B. Ramakotaiah, A.M. This bunch of four appeals filed by the department in case of the assessee are directed against the order of CIT(A)-I Hyderabad dated 22.1.2014 cancelling the penalties imposed u/s 271D of the Income-Tax Act, 1961 interalia for the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ooks of M/s. Lahari Green Park and the party s a/c, 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. Not convinced with the explanation of the assessee, the A.O. imposed the penalties in question u/s 271D of the Act vide separate orders dated 29.5.2012 for all the four years under appeal. 4. On appeal, the CIT(A) considering the fact that penalty imposed u/s 271D of the Act in the case of Smt. G. Venkatalakshmi, mother of the assessee and one of the Lahiri Group cases has come up for adjudication before this Tribunal and the Tribunal vide its order dated 9.11.2012 in ITA No.1135/Hyd/2012, has canceled the impugned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6/Hyd/13 dated 17.4.2014) besides in the case relied upon by the CIT(A) in the impugned order. In its recent order dated 17.4.2014, copy of which is filed before us, the coordinate bench of the Tribunal has decided the issue in the following manner: 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 coordinate bench of the Tribunal in ITA No.394/Hyd/13 dated 12.7.2013 as well as judgement of Hon ble A.P. High Court in ITTA No.12 of 2014 confirming the order of the coordinate 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gs can be initiated. Hence, it was sent for clarification whether actual flow of money did take place. Therefore, the matter was remanded and no decision 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 CIT(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. 7. Facts and circumstances of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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