New Delhi Television Limited (NDTV) on Friday was served by a notice by the Income Tax department which notified that it had reasons to believe that there was a need to reassess the income for Assessment Year 2008-09.
NDTV in a BSE filing stated the IT department had informed that it had reasons to believe that the income of the company chargeable to tax for the Assessment Year 2008-09 had escaped Assessment within the meaning of section 147 of the Income Tax Act.
IT has proposed to reassess the income/loss for the said Assessment Year with NDTV asked to deliver within 30 days, a return in the prescribed form for the said Assessment Year.
NDTV stated, “Presently, there is no financial implication on the Company pursuant to the Notice as the Department has proposed to undertake reassessment proceedings for AY 2008-09. The Company is seeking legal advice in the matter and will take necessary action(s) accordingly.”
The Supreme Court had earlier in April dismissed reassessment proceedings against NDTV as the notice issued did not invoke provisions of the second proviso of Section 147 of the Act. It, however, had noted that the revenue could issue fresh notice taking benefit of the second proviso if permissible under the law which the IT Department executed yesterday.