NDTV to contest I-T Dept showcause notice related to 2008-09 assessment year
NDTV on Saturday said it will contest a show-cause notice issued by the Income Tax Department seeking an explanation regarding bonds issued by an erstwhile subsidiary of the company for the assessment year 2008-09.
It has been given time till March 29, 2022, for responding to the notice, said NDTV in a regulatory filing.
The Company has now received a show-cause notice dated March 25, 2022 (“Notice”) requiring it to explain why subscriptions made by various reputed foreign investors in bonds issued by its erstwhile subsidiary NDTV Networks Plc should not be treated as income of the Company for Assessment Year 2008–09.
There are "no financial implications" since the proceedings are at a notice stage.
The Delhi High Court on March 14, 2022, provided interim relief to NDTV which in a writ petition challenged the steps taken by the Income Tax Department to begin reassessment for the Assessment Year 2008-09.
The high court said that the assessment order if passed, shall not be given effect to and shall be subject to the court’s further orders. The matter is to be heard next on August 2, 2022.
The High Court's order, referred to above, also rules out any financial consequences for the company as even if an assessment order is passed by the Income Tax Department, it shall remain in abeyance and will not be given effect.
According to NDTV, it has been advised that the said Notice is based on an "inaccurate assessment" of facts and is "unlikely to stand the judicial scrutiny”.
Accordingly, the Company will contest the said Notice and will take appropriate steps in accordance with the law.
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