Broadcaster NDTV on Saturday said it would challenge the show cause notice sent by the Income Tax Department.
The Income Tax Department has asked the company to clarify regarding the bonds issued by an old subsidiary of NDTV for the assessment year 2008-09.
NDTV said in the information given to the stock exchange that the Income Tax Department has given it till March 29 to respond to the notice.
NDTV said, “The Income Tax Department has sent a notice seeking to know that the purchases made by several reputed foreign investors of bonds issued by our old subsidiary NDTV Networks have been attributed to the income of the company for the assessment year 2008-09 only. Why shouldn’t it be considered?”
The company said that there is no financial implication of this process since it is only at the notice stage.
He said that the Delhi High Court has granted interim relief to NDTV on March 14, 2022. NDTV, in its writ petition, had challenged the move of the Income Tax Department to redo the assessment year 2008-09. The next hearing of the matter will be on August 2.