In a relief for NDTV, SC quashes I-T dept notice alleging roundtripping of money

NDTV (Image courtesy: Twitter)

The Supreme Court on April 3 quashed a 2015 Income Tax Department notice issued to media company NDTV, seeking a re-assessment of the company's income for the assessment year 2008-09.

The apex court dismissed the notice which alleged roundtripping of money to the tune of Rs 1,127 crore by NDTV. It also quashed the provisional attachment of the media company's assets by the tax department.

With this, the court also overturned an order of the Delhi High Court that had allowed the re-assessment of NDTV's income for AY 2008-09.

As per a report by legal news website LiveLaw, the I-T department held that NDTV had suppressed its income for 2007-08. The media company had allegedly invested in foreign entities which had then rerouted the money back into it between FY2006-07 and FY2008-09.