HC quashes NDTV founders' income tax reassessment
new delhi, Jan. 20 -- The Delhi High Court on Monday quashed income tax reassessment notices issued in March 2016 to Prannoy Roy and Radhika Roy, the founders of NDTV, for the assessment year (AY) 2009-10, in connection with certain interest-free loans received from RRPR Holding, a promoter group of the news network.
A bench of justices Dinesh Mehta and Vinod Kumar observed that the Income Tax Department had earlier issued a notice for the same assessment year in March 2011 and had ultimately concluded those proceedings with a reassessment order passed in March 2013, without making any further additions to the declared income.
It held that reopening the assessment on the basis of the same material struck at the very root of fair adjudicatio...
To read the full article or to get the complete feed from this publication, please
Contact Us.