Dr.A.M.Arun, CHENNAI V. Addl.CIT Central Range 2, CHENNAI

ITA 2191/CHNY/2018

• Counselvise Citation: [2019] 115 COUNSELVISE.COM (IT) 4443 (ITAT-CHENNAI)
• Duration Of Justice: 7 month(s) 29 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 22-03-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: D
• Assessment Year: 2015-2016
• Appeal Filed On: 23-07-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Business expenditure; Peak credit; Reasonable cause
• Section: 273B; 271D; 271E; 13; 22

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL , D BENCH, CHENNAI . , . , BEFORE SHRI A.MOHAN ALANKAMONY, ACCOUNTANT MEMBER AND SHRI DUVVURU RL REDDY, JUDICIAL MEMBER ./ I.T.A.NOS.2185 TO 2192/CHNY/2018 ( / ASSESSMENT YEARS: 2012-13 TO 2015-16) DR. A.M. ARUN, NO.199, ST. MARYS ROAD, ALWARPET, CHENNAI VS THE ADDL. COMMISSIONER OF INCOME TAX, CENTRAL RANGE 2, CHENNAI. PAN: ADKPA7987M ( /APPELLANT) ( /RESPONDENT) / APPELLANT BY : SHRI S. SRIDHAR, ADVOCATE /RESPONDENT BY : SHRI SRINIVASA RAO, CIT /DATE OF HEARING : 28.02.2019 /DATE OF PRONOUNCEMENT : 22.03.2019 / O R D E R PER A. MOHAN ALANKAMONY, AM:- THESE APPEALS BY THE ASSESSEE ARE DIRECTED AGAINST THE COMMON TWO ORDERS PASSED BY THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS)-18, CHENNAI, BOTH DATED 25.06.2018 IN ITA.NOS.271 TO 274/17-18 AND ITA NOS. 267 TO 270/17-18 FOR THE ASSESSMENT YEARS 2012-13 TO 2015-16 PASSED U/S.250(6) R.W.S. 271D AND 271E OF THE ACT RESPECTIVELY. SINCE THE ISSUES INVOLVED 2 ITA NOS.2185 TO 2192/CHNY /2018 IN ALL THE APPEALS ARE IDENTICAL, THEY ARE TAKEN UP FOR HEARING TOGETHER AND DISPOSED OFF BY THIS COMMON ORDER. 2. THE ASSESSEE HAS RAISED SEVERAL IDENTICAL GROUNDS IN HIS APPEALS HOWEVER THE CRUXES OF THE ISSUES ARE THAT:- (I) THE LD.CIT(A) HAS ERRED IN CONFIRMING THE ORDER OF THE LD.AO WHO HAD LEVIED PENALTY U/S.271D OF THE ACT TOWARDS CONTRAVENTION OF THE PROVISIONS OF SECTION 269SS OF THE ACT FOR HAVING ACCEPTED LOAN BY WAY OF CASH OTHER THAN THROUGH BANKING CHANNELS FOR THE ASSESSMENT YEARS 2012-13 TO 2015-16. (II) THE LD.CIT(A) HAS ERRED IN CONFIRMING THE ORDER OF THE LD.AO WHO HAD LEVIED PENALTY U/S.271E OF THE ACT TOWARDS CONTRAVENTION OF THE PROVISIONS OF SECTION 269T OF THE ACT FOR HAVING REPAID THE LOAN BY WAY OF CASH OTHER THAN THROUGH BANKING CHANNELS FOR THE ASSESSMENT YEARS 2012- 13 TO 2015-16. 3. THE BRIEF FACTS OF THE CASE ARE THAT A SEARCH OPERATION U/S.132 OF THE ACT WAS CARRIED OUT IN THE CASE OF THE ASSESSEE, VASAN GROUP OF COMPANIES WHEREIN THE ASSESSEE IS THE PROMOTER 3 ITA NOS.2185 TO 2192/CHNY /2018 AND IN THE PREMISES OF MR.J.DINAKARAN ON 01.12.2015. DURING THE COURSE OF THE SEARCH IT WAS REVEALED THAT THE ASSESSEE HAD RECEIVED CASH LOANS OTHERWISE THROUGH BANKING CHANNELS FROM MR.J.DINAKARAN ON VARIOUS DATES AGGREGATING TO RS.166,03,13,133/- AND THE SAME WAS REPAID TO MR.J.DINAKARAN AGGREGATING TO RS.178,13,33,334/- WHICH INCLUDES INTEREST AMOUNTING TO RS.17,64,76,750/- FOR THE PERIOD ASSESSMENT YEAR 2012-13 TO 2015-16 IN THE SIMILAR MANNER. 4. ON QUERY IT WAS EXPLAINED THAT THE ASSESSEE DR.A.M.ARUN HAD BORROWED MONEY BY WAY OF CASH AND INDUCED THE SAME TO THE ASSESSEES GROUP COMPANIES DUE TO BUSINESS EXIGENCIES AND THE SAME WAS REPAID BY WAY OF CASH ALONG WITH INTEREST DURING THE PERIOD ASSESSMENT YEAR 2012-13 TO 2015-16. IT WAS FURTHER SUBMITTED THAT SINCE THERE WERE BORROWINGS AS WELL AS REPAYMENTS BY WAY OF CASH TRANSACTIONS CONSISTENTLY, PEAK CREDIT SHOULD BE TAKEN INTO ACCOUNT. IT WAS FURTHER EXPLAINED THAT DR.A.M.ARUN BEING THE PROMOTER AND DIRECTOR OF M/S. VASAN HEALTH CARE PVT. LTD., & M/S. VASAN MEDICAL CENTRE (INDIA) PVT. LTD., HAD OBTAINED LOAN IN THE CAPACITY AS DIRECTOR FROM THE THIRD PARTY MR.J.DINAKARAN AND UTILIZED THE SAME TOWARDS THE BUSINESS OF THE 4 ITA NOS.2185 TO 2192/CHNY /2018 GROUP COMPANIES. IT WAS FURTHER EXPLAINED THAT THE LOAN WAS RECEIVED BY DR.A.M.ARUN FROM MR.J.DINAKARAN ON BEHALF OF THE ASSESSEES GROUP COMPANIES AND THE SAME WAS DIRECTLY DEPOSITED ON THE VERY SAME DAY IN THE BANK ACCOUNT OF M/S. VASAN HEALTH CARE AND M/S. VASAN MEDICAL CENTRE (INDIA) PVT. LTD. THE REPAYMENTS WERE ALSO MADE BY CASH DIRECTLY TO MR.J.DINAKARAN AFTER WITHDRAWING THE CASH FROM THE BANK ACCOUNT OF M/S. VASAN HEALTH CARE AND M/S.VASAN MEDICAL CENTRE (INDIA) PVT. LTD. HOWEVER THE LD.AO OPINED THAT THE ASSESSEE HAD VIOLATED THE PROVISIONS OF SECTION 269SS & 269T OF THE ACT, AND THEREFORE THE PENAL PROVISIONS OF SECTION 271D & 271E OF THE ACT WILL BE ATTRACTED IN THE CASE OF THE ASSESSEE FOR ALL THE RELEVANT ASSESSMENT YEARS. WHILE DOING SO, HE MADE THE FOLLOWING OBSERVATION:- 1. FIRSTLY WITH RESPECT TO THE DIFFERENCE IN THE AMOUNT OF LOAN CLAIMED TO HAVE RECEIVED BY THE ASSESSEE, THE EXPLANATION PROVIDED BY THE ASSESSEE IS ACCEPTED. SINCE THE ASSESSEE RECEIVED THE LOAN AFTER GETTING HIS INTEREST AND THE PENDING LOAN AMOUNT DEDUCTED UPFRONT ONLY THE NET AMOUNT RECEIVED AT THE HANDS OF THE ASSESSEE HAD BEEN CONSIDERED. 2. THE CASH LOAN AMOUNT HAD BEEN RECEIVED BY DR.ARUN AND REPAID IN CASH BY HIM. THIS HAD BEEN ADMITTED CATEGORICALLY BY J DINAKAR AND ALSO BY THE RECIPIENT DR.ARUN HENCE THE ENTIRE AMOUNT WILL BE CONSIDERED AT THE HANDS OF THE RECIPIENT DR.ARUN. THE CONCEPT OF PEAK CREDIT WILL NOT BE APPLICABLE WITH RESPECT TO LOAN TRANSACTIONS U/S 269SS HENCE THE REQUEST OF THE ASSESSEE TO ADOPT PEAK CREDIT CANNOT BE ACCEDED TO. 5 ITA NOS.2185 TO 2192/CHNY /2018 3. AS REGARDS THE CASH FLOW STATEMENT FILED BY THE ASSESSEE REGARDING THE UTILIZATION OF FUNDS (END USE), IT LACKS CLARITY AND THE ASSESSEE HAD NOT RECONCILED WITH DATE-TO-DATE MATCHING OF RECEIPT AND ITS EXPENSES BESIDES. THE FIGURES WERE NOT TALLYING EXACTLY ALSO, THE CLAIM OF THE ASSESSEE THAT THE AMOUNTS HAD BEEN DEPOSITED IN THE BANK ACCOUNT HAD NOT BEEN SATISFACTORILY EXPLAINED SINCE DATE-WISE RECEIPT OF LOAN (AND ITS QUANTUM) AND ITS DEPOSIT IN THE BANK HAD NOT BEEN MATCHED. 4. THE CONTENTION OF THE ASSESSEE THAT THE LOAN AMOUNT III ITS ENTIRETY HAD BEEN DEPOSITED IN THE BANK COULDN'T BE ACCEPTED ON MERIT. SINCE DURING SEARCH IT HAD BEEN FOUND THAT, THE ASSESSEE HAD BEEN INCURRING NON- BUSINESS EXPENSES ALSO. TO GIVE AN INSTANCE, DURING THE YEAR A.Y.2014-15, THE ASSESSEE HAD PAID ON-MONEY PAYMENTS TO THE EXTENT OF RS.2.08 CRORES OVER AND ABOVE THE REGISTERED VALUE FOR THE PURCHASE OF CIT COLONY PROPERTY AT CHENNAI WHICH WAS ADMITTED BY HIM IN THE SWORN STATEMENT DATED 2/12/2015 IN REPLY TO Q.NO,13, HENCE, THE CHANCES OF CASH LOAN BEING UTILIZED FOR THESE PURPOSES CANNOT BE RULED OUT. 5. REGARDING THE CLAIM OF BUSINESS EXPEDIENCE BY THE ASSESSEE, THE SAME COULD NOT BE ACCEPTED, SINCE THE ASSESSEE IN HIS REPLY HAD NOT POINTED OUT COMPELLING SITUATION FOR EVERY LOAN BUT HAD ONLY STATED THAT IN GENERIC TERMS AS BELOW, THE AMOUNT HAS BEEN BORROWED ONLY FOR INVESTMENT PURPOSE DURING SEVERE CASH CRUNCH IN REPAYING THE LOAN LIABILITIES AND OPERATIONAL THE COMPANY HAS OPENED NEARLY 35 TO 40 BRANCHES EACH YEAR ... ,DURING THE PERIOD EXPENSES HAVE BEEN INCURRED TO COMMENCE BRANCHES AND TO MEET OUT THE EXPENDITURE ... THE ASSESSEE HAS NOT MADE OUT ANY COMPELLING SITUATION IN WHICH HE WAS COMPELLED TO TAKE CASH LOANS DUE TO BUSINESS EXIGENCIES INSTEAD, THE ASSESSEE HAS MADE A CASE ON THE BONA FIDES OR GENUINENESS OF THE CASH TRANSFERS. IT MUST BE DEMONSTRATED BEYOND AN IOTA OF DOUBT THAT THE CASH LOANS WERE ACCEPTED UNDER COMPELLING CIRCUMSTANCES. THEREAFTER THE LD.AO RELYING ON VARIOUS DECISION OF HIGHER JUDICIARY CITED IN HIS ORDER INVOKED THE PROVISIONS OF SECTION 269SS OF THE ACT AND 269T OF THE ACT AND LEVIED PENALTY FOR ALL THE 6 ITA NOS.2185 TO 2192/CHNY /2018 RELEVANT ASSESSMENT YEARS 2012-13 TO 2015-16 U/S.271D OF THE ACT FOR RS.4,36,84,030/-, RS.3,81,55,109/-, RS.42,73,98,606/- AND RS.57,22,51,000/- AND U/S.271E OF THE ACT FOR RS.2,10,00,000/-, RS.5,53,25,000/-, RS.28,34,54,000/-, AND RS.43,77,76,500/- RESPECTIVELY. 5. ON APPEAL, THE LD.CIT(A) FURTHER OBSERVED THAT THE ASSESSEE IS NEITHER AN AGRICULTURIST NOR THE LOAN WAS OBTAINED FROM ANY EXEMPT SOURCE OF INCOME, INSTEAD THE ASSESSEE IS ENGAGED IN BUSINESS AND IN THE COURSE OF BUSINESS HE HAD RECEIVED AND REPAID CASH LOANS OTHERWISE THAN THROUGH BANKING CHANNELS CONSISTENTLY WITHOUT ANY REASONABLE CAUSE. IT WAS ALSO OBSERVED THAT THE ASSESSEE WAS HAVING BANK ACCOUNTS AND THERE WAS NO NECESSITY FOR HIM TO RECEIVE LOAN BY WAY OF CASH OTHERWISE THAN THROUGH BANKING CHANNELS. THE LOAN TRANSACTIONS WERE BETWEEN THE ASSESSEE AND THIRD PARTIES AND NOT WITH CLOSE FAMILY MEMBERS. THE ASSESSEE HAS ACCEPTED AND REPAID LOAN EXCEEDING RS.20,000/- IN CASH, OTHERWISE THAN THROUGH BANKING CHANNELS, CONSISTENTLY WHEN THERE WAS NO URGENT NECESSITY FOR SUCH CASH TRANSACTIONS. THE LD.CIT(A) FURTHER OBSERVED THAT THE ASSESSEE 7 ITA NOS.2185 TO 2192/CHNY /2018 HAS ALSO NOT PASSED THE TEST OF REASONABLE CAUSE TO TAKE THE BENEFIT OF SECTION 273B OF THE ACT. 5.1 SINCE IT IS WELL ESTABLISHED FACT THAT THE ASSESSEE HAD RECEIVED AND REPAID LOAN BY WAY OF CASH OTHERWISE THAN THROUGH BANKING SYSTEM ON SEVERAL OCCASIONS ALONG WITH INTEREST, THE LD.CIT(A) CONFIRMED THE ORDER OF THE LD.AO WHO HAD INVOKED THE PROVISIONS OF SECTION 269SS R.W.S. 271D OF THE ACT AND 269T R.W.S.271E OF THE ACT AND THEREBY LEVIED PENALTY FOR ALL THE RELEVANT ASSESSMENT YEARS 2012-13 TO 2015-16. 6. AT THE OUTSET THE LD.AR SUBMITTED BEFORE US THAT THE ASSESSEE DR.A.M.ARUN HAD ONLY ACTED ON BEHALF OF THE COMPANIES PROMOTED BY HIM VIZ., M/S. VASAN HEALTH CARE AND M/S.VASAN MEDICAL CENTRE (INDIA) PVT. LTD., FOR HAVING RECEIVED THE LOAN BY WAY OF CASH AND THE SAME WAS INSTANTLY DEPOSITED IN THE BANK ACCOUNT OF M/S. VASAN HEALTH CARE AND M/S.VASAN MEDICAL CENTRE (INDIA) PVT. LTD. SUBSEQUENTLY THE CASH LOANS WERE REPAID TO MR.J.DINAKARAN ALONG WITH INTEREST BY WITHDRAWING CASH FROM THE BANK ACCOUNTS OF M/S. VASAN HEALTH CARE AND M/S.VASAN MEDICAL CENTRE (INDIA) PVT. LTD. THE PROCESS OF THE TWIN 8 ITA NOS.2185 TO 2192/CHNY /2018 TRANSACTIONS OF RECEIVING THE CASH LOAN AND REPAYMENT OF THE CASH LOAN OTHERWISE THAN THROUGH BANKING CHANNELS WERE PHYSICALLY CARRIED OUT BY DR.A.M.ARUN ON BEHALF OF M/S. VASAN HEALTH CARE AND M/S.VASAN MEDICAL CENTRE (INDIA) PVT. LTD. THEREFORE THE ACTUAL TRANSACTIONS WERE MADE BY THE COMPANIES M/S. VASAN HEALTH CARE AND M/S.VASAN MEDICAL CENTRE (INDIA) PVT. LTD., THROUGH ITS MANAGING DIRECTOR DR.A.M.ARUN. IT WAS FURTHER SUBMITTED THAT IN THE CASE OF M/S. VASAN HEALTH CARE AND M/S.VASAN MEDICAL CENTRE (INDIA) PVT. LTD., ALSO THE LD.AO HAD INVOKED THE PROVISIONS OF SECTION 269SS R.W.S. 271D OF THE ACT AND 269T R.W.S.271E OF THE ACT AND THEREAFTER LEVIED PENALTY FOR ALL THE RELEVANT ASSESSMENT YEARS FROM 2012-13 TO 2015-16 FOR THE SAME TRANSACTION. THE LD.AR FURTHER POINTED OUT THAT THE ORDER OF THE LD.AO WAS SUBSEQUENTLY CONFIRMED BY THE LD.CIT(A) IN ITA NO.271 TO 274/17-18 AND ITA 267 TO 270/17-18 VIA BOTH ORDER DATED 20.06.2018 AS WELL AS BY THE TRIBUNAL IN ITA NO.2194 TO 2197/CHNY/2018 AND 2198 TO 2205/CHNY/2018 VIDE ORDER DATED 26.11.2018. IT WAS THEREFORE ARGUED THAT LEVY OF PENALTY IN THE CASE OF THE ASSESSEE DR.A.M.ARUN WILL AMOUNT TO LEVY OF PENALTY FOR THE SECOND TIME WITH RESPECT TO THE SAME TRANSACTION AND THEREFORE NOT JUSTIFIABLE. IT WAS THEREFORE PLEADED THAT PENALTY 9 ITA NOS.2185 TO 2192/CHNY /2018 LEVIED IN THE HANDS OF DR.A.M.ARUN MAY BE DELETED AS THE SAME IS CONFIRMED BY THE TRIBUNAL IN THE CASE OF COMPANIES PROMOTED BY DR.A.M.ARUN VIZ., M/S. VASAN HEALTH CARE AND M/S.VASAN MEDICAL CENTRE (INDIA) PVT. LTD. 7. THE LD.DR VEHEMENTLY ARGUED STATING THAT THE CASH TRANSACTIONS BETWEEN THE ASSESSEE & MR.J.DINAKARAN, AND BETWEEN THE ASSESSEE & THE COMPANIES PROMOTED BY THE ASSESSEE WERE FOUR DISTINCT TRANSACTIONS BECAUSE THE ASSESSEE DR.A.M.ARUN HAD OBTAINED LOAN BY WAY OF CASH FROM J.DINAKARAN AND THEREAFTER EXTENDED CASH LOAN TO M/S. VASAN HEALTH CARE AND M/S.VASAN MEDICAL CENTRE (INDIA) PVT. LTD. SIMILARLY REPAYMENT OF LOAN ALONG WITH INTEREST WAS ALSO MADE BY WAY OF CASH TRANSACTIONS IN THE SIMILAR MANNER. FURTHER THE BOOKS OF ACCOUNTS OF DR.A.M.ARUN AS WELL AS THE COMPANIES PROMOTED BY DR.A.M.ARUN WERE ALSO MAINTAINED BY PASSING ENTRIES ILLUSTRATING THOSE FOUR TRANSACTIONS. THEREFORE BOTH DR.A.M.ARUN AS WELL AS THE COMPANIES PROMOTED BY DR.A.M.ARUN M/S. VASAN HEALTH CARE AND M/S.VASAN MEDICAL CENTRE (INDIA) PVT. LTD., HAVE VIOLATED THE PROVISIONS OF SECTION 269SS OF THE ACT AND 269T OF THE ACT. HENCE THE PENAL PROVISIONS OF SECTION 271D & 271E OF THE ACT WILL 10 ITA NOS.2185 TO 2192/CHNY /2018 BE ATTRACTED IN THE CASE OF DR.A.M.ARUN AS WELL AS THE COMPANIES PROMOTED BY DR.A.M.ARUN. IT WAS THEREFORE PLEADED THAT THE ORDER OF THE LD.CIT(A) MAY BE CONFIRMED IN THE CASE OF THE ASSESSEE. 8. WE HAVE HEARD THE RIVAL SUBMISSIONS AND CAREFULLY PERUSED THE MATERIALS ON RECORD. FROM THE FACTS OF THE CASE IT IS EVIDENT AND NOT IN DISPUTE THAT DR.A.M.ARUN HAS PHYSICALLY RECEIVED CASH OTHER THAN THROUGH BANKING CHANNELS FROM MR.J.DINAKARAN WHICH WAS SUBSEQUENTLY DEPOSITED IN THE BANK ACCOUNT OF THE COMPANIES PROMOTED BY DR.A.M.ARUN M/S. VASAN HEALTH CARE AND M/S.VASAN MEDICAL CENTRE (INDIA) PVT. LTD. SIMILARLY THE CASH WAS PHYSICALLY WITHDRAWN FROM THE BANK ACCOUNT OF THE COMPANIES PROMOTED BY DR.A.M.ARUN, M/S. VASAN HEALTH CARE AND M/S.VASAN MEDICAL CENTRE (INDIA) PVT. LTD. AND HANDED OVER TO MR.J.DINAKARAN BY DR.A.M.ARUN AGAINST REPAYMENT OF LOAN. IT IS ALSO NOT THE CASE OF THE REVENUE THAT THE ASSESSEE HAD RETAINED WITH HIMSELF SOME PORTION OF THE CASH RECEIVED FROM MR.J.DINAKARAN OR EARNED ANY INCOME OUT OF THOSE TRANSACTIONS. THEREFORE IT IS CRYSTAL CLEAR THAT DR.A.M.ARUN HAS ONLY ACTED ON BEHALF OF THE COMPANIES PROMOTED BY HIM OR RATHER PHYSICALLY CARRIED OUT THE TRANSACTIONS ON BEHALF OF THE COMPANIES PROMOTED 11 ITA NOS.2185 TO 2192/CHNY /2018 BY HIM. NEEDLESS TO MENTION THAT, COMPANY IS AN ARTIFICIAL PERSON INCAPABLE OF CARRYING OUT ANY PHYSICAL WORK BY ITSELF. SINCE THE ASSESSEE HAD CARRIED OUT THE TRANSACTION PHYSICALLY ON BEHALF OF THE COMPANIES PROMOTED BY HIM IT HAS TO BE CONSTRUED THAT THE COMPANIES M/S. VASAN HEALTH CARE AND M/S.VASAN MEDICAL CENTRE (INDIA) PVT. LTD. HAS BREACHED THE PROVISIONS OF THE ACT AND NOT DR.A.M.ARUN. WHEN THE BARE FACTS BEING SO, JUST BECAUSE DUPLICATE ENTRIES ARE RECORDED IN THE BOOKS OF DR.A.M.ARUN, IT WOULD NOT BE JUSTIFIABLE TO LEVY PENALTY IN THE HANDS OF DR.A.M.ARUN FOR THE SAME TRANSACTION MADE BY THE COMPANIES PROMOTED BY DR.A.M.ARUN, M/S. VASAN HEALTH CARE AND M/S.VASAN MEDICAL CENTRE (INDIA) PVT. LTD. IT IS ALSO AN ADMITTED FACT THAT IN THE CASE OF THE COMPANIES PROMOTED BY DR.A.M.ARUN VIZ., M/S. VASAN HEALTH CARE AND M/S.VASAN MEDICAL CENTRE (INDIA) PVT. LTD., THE PROVISIONS OF SECTION 269SS R.W.S. 271D OF THE ACT AND 269T R.W.S.271E OF THE ACT WAS ALREADY INVOKED FOR ALL THE RELEVANT ASSESSMENT YEARS 2012-13 TO 2015-16 AND PENALTY HAS BEEN LEVIED BY THE LD.AO WHICH IS SUBSEQUENTLY CONFIRMED BY THE LD.CIT(A) AND THE CHENNAI BENCH OF THE TRIBUNAL IN ITA NOS.2194 TO 2197/CHNY/2018 AND 2198 TO 2205/CHNY/2018 VIDE ORDER DATED 26.11.2018. THEREFORE LEVY OF PENALTY WITH RESPECT TO 12 ITA NOS.2185 TO 2192/CHNY /2018 THE SAME TRANSACTION IN THE HANDS OF THE ASSESSEE DR.A.M.ARUN WOULD AMOUNT TO LEVY OF PENALTY TWICE AND THEREFORE CANNOT BE SUSTAINABLE IN LAW. HENCE WE HEREBY DIRECT THE LD.AO TO DELETE THE PENALTY INVOKED IN THE CASE OF THE ASSESSEE U/S.269SS R.W.S. 271D OF THE ACT AND 269T R.W.S.271E OF THE ACT FOR THE RELEVANT ASSESSMENT YEARS 2012-13 TO 2015-16 WHEREIN THE PENALTY FOR THE SAME TRANSACTIONS ARE CONFIRMED BY THIS BENCH OF THE TRIBUNAL IN THE CASE OF THE COMPANIES M/S. VASAN HEALTH CARE AND M/S.VASAN MEDICAL CENTRE (INDIA) PVT. LTD IN ITA NOS.2194 TO 2197/CHNY/2018 AND 2198 TO 2205/CHNY/2018 VIDE ORDER DATED 26.11.2018. 9. IN THE RESULT, ALL THE APPEALS OF THE ASSESSEE ARE ALLOWED AS INDICATED HEREIN ABOVE. ORDER PRONOUNCED ON THE 22 ND MARCH, 2019 AT CHENNAI. SD/- SD/- ( . ) ( . ) ( DUVVURU RL REDDY ) ( A. MOHAN ALANKAMONY ) /JUDICIAL MEMBER / ACCOUNTANT MEMBER /CHENNAI, /DATED 22 ND MARCH, 2019 RSR /COPY TO: 1. /APPELLANT 2. /RESPONDENT 3. ( )/CIT(A) 4. /CIT 5. /DR 6. /GF