M/S TRINCAS AGENCY & CREDIT PVT. LTD.,KOLKATA vs. I.T.O.,WARD-4(1), KOLKATA

This appeal filed by the assessee pertaining to the Assessment Year (in short “AY”) 2012-13 is directed against the order passed u/s 250 of the Income Tax Act, 1961 in short the “Act”) by ld. Commissioner of Income-tax (Appeals)-22, Kolkata [in short ld. “CIT(A)”] dated 26.12.2019 arising out of the assessment order framed u/s 143(3)of the Act dated 19.03.2015.

Brief facts of the case are that the assessee is a private limited company. The assessee company e-filed the return of income for the impugned assessment year on 24.09.2012 showing total income of M/s. Trincas Agency & Credit Pvt. Ltd. Rs.3,765/-. The case was selected for scrutiny under CASS for the large share premium received followed by serving notices u/s. 143(2) and 142(1) of the Act. During the course of assessment proceeding, the Ld. AO noticed that assessee had received share capital of Rs.1,62,50,000/- and share premium of Rs.63,37,50,000/-. The assessee was unable to satisfy the AO about the source of the alleged share capital and share premium. Accordingly, the ld. AO treated the same as unexplained income and made the addition of Rs.65 Cr. and assessed the income at Rs.65,00,07,172/-. 3. Aggrieved, assessee preferred an appeal before the Ld. CIT(A), who confirmed the action of AO in adding back Rs.65,00,00,000/- as unexplained income which comprises of share capital amounting to Rs.1,62,50,000/- and share premium amounting to Rs.63,37,50,000/-, as unaccounted cash credit u/s. 68 of the Act. Aggrieved, assessee in now in appeal before this Tribunal. 4. Ld. Counsel for the assessee vehemently argued referring to the submission filed before the Ld. CIT(A) as well the detailed paper book containing 318 pages filed before us. On the other hand, Ld. DR vehemently argued supporting the order of the Ld. CIT(A). 5. We have heard rival contentions and perused the record placed before us. Though the assessee has raised as many as three grounds of appeal but the sole grievance is against the finding of the Ld. CIT(A) confirming the addition of Rs.65,00,00,000/- towards unexplained share capital and share premium. It has come to our notice that during the year assessee received share capital of Rs. Rs.1,62,50,000/- and share premium amounting to Rs.63,37,50,000/-. For lack of necessary details and evidence to be filed by the assessee before the Ld. AO and since the assessee failed to discharge primary onus casted upon it to explain the source of alleged