NDTV: I-T Dept issues notices against the Roys for launching prosecution proceedings
Moneylife Digital Team 09 May 2018
New Delhi Television Ltd (NDTV) said Dr Prannoy Roy and his wife Radhika, both executive co-chairpersons of the company have received show cause notice from the Income Tax (I-T) Department for launching prosecution proceedings.
 
In a regulatory filing, NDTV said, "...on 7 May 2018, Dr Roy and Ms Roy received a show cause notice dated 3 May 2018 under Section 279(1) of the I-T Act from the Principal Commissioner of I-T for launching prosecution proceedings for assessment year 2009-10."
 
"The Company is currently examining the notice and the legal options available to the Company and will take necessary actions accordingly," it added.
 
Earlier in February this year, the Delhi High Court had dismissed a writ petition filed by NDTV, while accepting the stand taken by the I-T Department that the Company had alternate remedy available in the form of an appeal instead of filing the petition. The case was related with a penalty of Rs436.8 crore slapped by the I-T Department on NDTV for assessment year 2009-10.
 
NDTV closed Wednesday flat at Rs40.55 on the BSE, while the 30-share Sensex ended the day marginally higher at 35,319.
 
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