The finance ministry has decided to issue fresh notice in the income tax re-assessment case of NDTV. The decision follows the Supreme Court ruling that allowed the revenue department to do so.
However, NDTV in a statement said the Supreme Court on Friday refused to allow the revenue department to reopen an assessment that was decided years ago.
The Supreme Court has proved that the rule of law prevails above all else, NDTV said.
According to sources in the finance ministry, the Supreme Court on Friday endorsed the view of the Income Tax Department that “there were reasons to believe that income had escaped assessment” in the case of NDTV for the year 2008-2009.
The reasons to believe recorded by the IT Department while reopening the case in March 2015 stated that the funds amounting to Rs 405.09