Lawstreet Journal

Following SC Verdict, Fresh Notices To Be Issued By Finance Ministry To NDTV

Lawstreet Journal 4 Apr 2020 6:34pm

The finance ministry has, on April 3, 2020 decided to issue fresh notices to NDTV in the Income Tax re-assessment case in which, the revenue department was denied permission to reopen an assessment that was decided years ago.

NDTV, in a statement welcoming the decision said that the Supreme Court had proved that ‘Rule of Law’ prevails above all else. 

The Apex Court, although endorsing the view of the revenue department regarding reasons to believe that income had escaped assessment being present, said that the permission could still not be granted due to the notices being time barred and hence, unsustainable. 

The notices were issued in 2015 to NDTV under section 148 of the Income Tax Act, 1961 on the ground of escapement of income from assessment and proposing a substantial addition of Rs. 642 crores to its account.

However, NDTV is yet to receive a clean chit by the court in this regard. The court held, “the notice issued to the assessee shows sufficient reasons to believe on the part of the assessing officer to reopen the assessment” and has given liberty to the department of revenue to issue fresh notice under the second proviso of the section 147 to reopen the assessment. 

 

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Tagged: SEBI  
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