STURDY TEI UP (P) LTD.,KOLKATA vs. I.T.O.,WARD-3(3), KOLKATA

The assessee has taken two grounds of appeal, out of which Ground No. 2 is general in nature, which does not call for recording of any specific finding.

Assessment Year: 2012-2013 Sturdy Tie Up (P) Limited 3. In Ground No. 1, the assessee has pleaded that the ld. CIT(Appeals) has erred in confirming the addition of Rs.1,27,50,000/- which was added by the ld. Assessing Officer with the aid of section 68. In response to the notice of hearing, Shri Subash Agarwal, Advocate had appeared. However, after some dates, he stopped appearing. Today, when we took the file, then none appeared on behalf of the assessee. We called Shri Subash Agarwal, Advocate. Then it was submitted by Shri Siddharth Agarwal, Advocate, who is the son of Shri Subash Agarwal, that this assessee is not cooperating and did not supply the information so that a paper book can be filed before the Tribunal. Therefore, he expressed inability of appearing before the Tribunal from the office of Shri Subash Agarwal & Associates, Advocates. Considering this stand of the ld. Counsel, we deem it appropriate to proceed ex-parte qua the assessee.

With the assistance of ld. D.R., we have gone through the record carefully. It emerges out from the record that the assessee has declared income of Rs.7,902/-. It has raised a share capital of Rs.1,27,50,000/-, which was raised on premium. The ld. Assessing Officer failed to take note of the details of share applicants probably in the absence of any information submitted at the end of the assessee. He made the addition of this amount as unexplained credit.

Before the ld. CIT(Appeals), the assessee has filed statement of facts running into four pages. The ld. CIT(Appeals) took into consideration this statement of facts and dismissed the appeal.

With the assistance of ld. CIT(DR), we have gone through both the orders as well as the statement of facts. We find that in the statement of facts also, the assessee has not given the bifurcation, from whom it has received this share application money. It has not narrated the complete facts rather just made a reference of the facts discussed in the assessment order in two paragraphs on the first page

In the result, the appeal of the assessee is dismissed. Order pronounced in the open Court on November 4th , 2022. Sd/- Sd/- (Rajesh Kumar) (Rajpal Yadav) Accountant Member Vice-President (KZ) Kolkata, the 4th day of November, 2022 Copies to : (1) Sturdy Tie Up (P) Limited, C/o. Subash Agarwal & Associates, Advocates, Siddha Gibson, 1, Gibson Lane, Suite-213, 2nd Floor, Kolkata-700069