Facing losses, NDTV moves Delhi High Court against enormous tax demand
Synopsis
NDTV Ltd on July 29 said it has moved Delhi High Court against the Income Tax Department's Rs 429 crore demand for 2009-10 assessment year Earlier in the day, the media firm said it has narrowed its net losses at Rs 22.01 crore for the first quarter ended June of the present fiscal The company had posted a net loss of Rs 44.55 crore during the same period of the previous fiscal
NDTV Ltd on July 29 said it has moved Delhi High Court against the Income Tax Department's Rs 429 crore demand for 2009-10 assessment year.
The New Delhi Television Ltd (NDTV) had yesterday informed about receiving a demand of Rs 429 crore from the I-T Department.
"In this regard, we would like to inform you that the company has filed a writ petition before Honourable High Court of Delhi challenging the said order making a piecemeal assessment and raising the present demand, which as per advice received by the company, is impermissible in law," it said in a regulatory filing.
Earlier in the day, the media firm said it has narrowed its net losses at Rs 22.01 crore for the first quarter ended June of the present fiscal.
The company had posted a net loss of Rs 44.55 crore during the same period of the previous fiscal.
The stock of the company remained unchanged at Rs 47.25 on BSE today.
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