2022 (2) TMI 37

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ore, CA Department By : Shri Sanjay Kumar, Sr. DR ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER:- The above captioned three appeals by the Revenue are preferred against three separate orders of the ld. CIT(A) - 7, New Delhi dated 31.03.2015 pertaining to Assessment Years 2004-05, 2005-06 and 2006- 07. 2. Since the issues are common in all these three appeals, they were heard together a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....owner, developed into office premises and thereafter transferring to M/s Optic Electronics [I] [P] Ltd for a consideration of Rs. 13.5 crores. Accordingly, advance was made by M/s Optic Electronics [I] [P] Ltd to M/s Raas Intratech [P] Ltd. The said transaction was duly reflected in the books of account. 6. During the course of assessment proceedings for Assessment Year 2006-07, in the case of ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e companies i.e M/S Raas Intratech (P) Ltd. and M/S Optic Electronics Pvt. Ltd. The assessee was very well aware of the financial position and surplus funds available in the concerns controlled by him. The assessee had transferred the funds by way of loans to avoid payment of tax on dividend which he ought to have paid had the funds enjoyed by him were received as dividend. Therefore, the assessee....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... that the assessee's act of not including the above amount of deemed dividend in his income was with the intention to reduce his taxable income for the year and thereby evade tax. I am satisfied that the assessee had furnished inaccurate particulars of its income and that there was an intentional attempt to evade taxes." 9. We have given thoughtful consideration to the penalty order. In our con....