New Delhi: New Delhi Television Ltd (NDTV) has received a tax demand of ₹443.28 crore for the assessment year 2008-09 after the Deputy Commissioner of Income Tax passed an order under Sections 143(3) read with 144C(3) of the Income-Tax Act and issued a notice of demand under Section 156, the company said in a regulatory filing.
The development follows earlier litigation in the matter, in which the Supreme Court had dismissed the company’s special leave petition against a Delhi High Court judgment, while granting it liberty to raise all contentions before the appropriate forum in the reassessment proceedings. The tax authorities had also earlier granted a stay on recovery of demand for the same assessment year, the filing noted.
NDTV said it is in the process of filing an appeal before the Commissioner of Income Tax (Appeals) against the latest order and demand, and will also move appropriate applications for a stay on the recovery. The company added that it believes it has strong merits in the case and will pursue all available legal remedies.
The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, which requires listed companies to inform investors about material legal and regulatory developments.