he Supreme Court on Friday quashed a notice sent by the income tax (I-T) department to media company NDTV, which sought a re-assessment of the company’s income for the 2006-2007 financial year.

The apex court dismissed the notice – which had alleged round-tripping of money by the news TV channel – and as a result also overturned an earlier order of the Delhi High Court that had permitted the reassessment of NDTV’s income for that year.

The tax case relates to the $100 million that was raised by Network PLC (NNPLC), a London-based subsidiary of NDTV.  This fundraising came under the scanner of the I-T department, which has alleged that the money raised was actually NDTV’s own funds and thus a case of alleged money-laundering.

Consequently, the tax department feels that these actions warranted a re-assessment of the NDTV’s tax liability for that year. #casansaar (Source - TheWire)