Case Law Details

Case Name : NRA Iron & Steel Pvt. Ltd Vs PCIT (Supreme Court)
Appeal Number : Review Petition (Civil) No.____[Diary No(S). 41307/2019] In C.A. No.2463/2019
Date of Judgement/Order : 04/02/2020
Related Assessment Year :
Courts : Supreme Court of India (1327)

NRA Iron & Steel Pvt. Ltd Vs PCIT (Supreme Court)

In this case earlier Hon’ble SC has upheld addition under Section of Share Capital and Share premium Considering the Same as Bogus as Appellant was  failed to prove the genuineness of the transaction of receiving share application money and to prove the creditworthiness.

A petition was filed with Supreme Court to review its above Judgment dated 05.03.2019 and Hon’ble dismissed the same as it found no substance in the content of the Review Petition.

Application seeking open court oral hearing will be rejected. Also if there is a delay in filing the Review Petition can be condone if the explanation made in the condonation application are genuine.

Read ITAT Judgment- Addition U/s 68 merely for Share capital/ premium for Receipts from companies having registered office at same address not justified


Application seeking open court oral hearing is rejected.

There is delay of 228 days in filing the Review Petition. However, considering the averments made in the application seeking condonation, we condone the delay.

The basic issue as framed in para 3.4 of the Judgment dated 05.03.2019 was considered in the light of the facts on record. After noting the relevant decisions, the emerging  principles were set out in para 11, in the light of which the facts were considered from para 12 onwards. Finally, the conclusions drawn by the Assessing Officer were found to be correct and it was found that the lower Appellate Authorities had erred in interfering with such conclusions. The Appeal was, therefore, allowed and the order passed by the Assessing Officer was restored.

We have gone through the contents in the Review Petition and do not find any substance in the submissions raised therein.

Consequently, this Review Petition is dismissed.

Download Judgment/Order

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