Facts of the Case
NDTV along with its Subsidiaries entered into an agreement dated 23.05.2008 with NBC Universal Inc and Universal Studios International BV, as a result of the same, INR 642.54 cr (9,15,498 Shares @ INR 7015.05 per share) was received by NNIH, for allotting shares to NBC Universal Inc and Universal Studios International BV.
It was observed that during immediately succeeding FY 2009-10, same shares were bought by NDTV BV for INR 58.08 cr (INR 634.17 per share). This transaction resulted in a claim of loss amounting of INR 584.45 cr for USBV and simultaneously resulted in an undisclosed income of INR 642.54 cr in the books of accounts of NDTV Group.
Question of law
Whether the Assessing Officer was justified in framing assessment u/s 144 read with section 144C (13) of the Income Tax Act, 1961 (‘the Act’)?
Whether the show cause notice served by the department as to “why the books of accounts should not be rejected” is correct in law?
To know the earlier decision on the case please read the following article.
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