TaxTMI 
TaxTMI 
2014 (8) TMI 1185
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....on factors are involved, these appeals are being disposed of by this common order for the sake of convenience. 2. Facts of the case in brief are that the A.O. while finalizing the assessments for the years under appeal noticed that the assessee has received cash loans of Rs. 39,03,600/-, Rs. 2,12,21,776/-, Rs. 1,74,85,397/- & Rs. 2,06,87,191/- respectively for the assessment years 2005-06 to 2008-09 from M/s. Lahari Green Park in the accounting period concerned, which was utilized for purchase of land. On appeal against the additions made in that behalf by the A.O. in the quantum proceedings u/s 68 of the Act, the CIT(A) deleted the said additions observing that as per the receipts and payments statement filed by the assessee himsel....
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.... "6.1 Since facts are similar in the case of appellant to that of Smt. G. Venkatalakshmi in the asst. years 2004-05, 2006-07 & 2008-09, respectfully following the order of the Hon'ble Jurisdictional Income-tax Appellate Tribunal in the case of Smt. G. Venkatalakshmi for the Assessment year 2005-06 and also assessment year 2003-04 stated above, the Assessing Officer is directed to verify whether in these years also the appellant had actually received cash loan from M/s. Lahari Green Park or they were mere journal entries to that effect and if it is ultimately found that no cash loan was actually received by the appellant in that course of transaction and they were only journal entries to that effect, the penalty u/s 271D levied in t....
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....Hyd/13 and in ITA No.1135/Hyd/12 (supra) directed the Assessing Officer to verify and delete the penalty imposed u/s 271D of the Act if it is found to be merely an adjustment by way of journal entry. The aforesaid order of the coordinate bench was confirmed by the Hon'ble Jurisdictional High Court (supra) holding as under:- "We have checked up the record from which it appears that the learned Tribunal has not decided anything new in this matter. Rather, it relied on its own judgement on an identical issue rendered in a previous case on 9.11.2012. It is said that against the said order, an appeal has been filed. But, we do not find any difficulty to decide the issue as a whole as the relevant findings of the previous judgement....