NDTV gets slapped with higher tax dues notice

MUMBAI: NDTV India’s tax woes continue. The news network which has been under the taxman’s scanner, received another order from the department raising the alleged tax dues from it. The income tax department had issued an order earlier this year claiming Rs 47.27 crore in unpaid taxes on an investment by Fuse + Media Holding (in the assessment year 2007-2008), calling it a sham transaction. On 20 September, NDTV received a revised order from the tax folks saying that it had mistakenly under-computed tax to the tune of Rs 12.71 crore under section 234 B for a lesser period for the same financial year and transaction.

Hence, the dues claimable by the tax department stand enhanced by that amount, it says.

NDTV today informed the Bombay stock exchange about this development but added that it strongly believes that the Order under section 147/143(3) is untenable and misconceived and it has already filed an appeal against it before Commissioner of Income Tax (Appeals).

Moreover, the company says it believes that even the tax demand after the revised order will go down substantially since it had already won the appeal in the ITAT against the original assessment order (“original prder”), effect of which is yet to be given by the department, pending official receipt of the original order from the ITAT.

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