Quick Summary
The Delhi High Court, in a significant relief to Prannoy Roy and Radhika Roy, founders of New Delhi Television Ltd. (NDTV), has set aside income tax reassessment notices issued in connection with a financial transaction involving RRPR Holdings Pvt. Ltd. A Division Bench comprising Justice Dinesh Me
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FAQ :
The Delhi High Court has quashed income tax reassessment notices issued to NDTV founders Prannoy and Radhika Roy, providing them with significant relief.
The notices were issued in connection with a financial transaction involving RRPR Holdings Pvt. Ltd., specifically regarding interest-free loans advanced to the company for the Assessment Year 2009-10.
The High Court held that the Income Tax Department acted improperly by reopening assessment on issues that had already been examined and concluded, which amounts to an impermissible 'change of opinion'.
Yes, the High Court imposed costs of Rs 2 lakh on the Income Tax Department, directing it to pay Rs 1 lakh each to Prannoy Roy and Radhika Roy.
The initial reassessment notices were issued in July 2011, with a reassessment order passed in March 2013. Fresh notices for the same assessment year were issued in March 2016.
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