Supreme Court quashes IT notice to NDTV for alleged round-tripping of funds and non-disclosure of income

Without going into the merits of the allegations, the Supreme Court held that NDTV had fully and truly disclosed all material facts necessary for the assessment.
Supreme Court quashes IT notice to NDTV for alleged round-tripping of funds and non-disclosure of income

The Supreme Court today quashed an income tax notice issued to New Delhi Television Limited (NDTV) for allegedly not disclosing its complete income for the assessment year 2008-09 [New Delhi Television Limited v. Deputy Commissioner of Income Tax].

The revenue had accused NDTV of indulging in round-tripping its funds to its foreign entities in order to avoid taxation.

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