Income Tax Department accuses NDTV of concealing income of Rs 1600 crore

In response to the press conference organised by NDTV, the central government has made it clear that Income Tax department is looking into undisclosed income of Rs 1600 crore by Prannoy Roy, Radhika Roy and companies controlled and associated with NDTV group. Sources say that inquires in this regard were initiated by the tax authorities in 2011 when UPA 2 was in power.

Sources told DNA that assessment of the concealed income of Rs 642.5 crore relating to NDTV Group and related companies was done during UPA regime on February 21, 2014. Re-assessment proceedings for concealment of Income of Rs 403.85 crore have been initiated against M/s RRPR Holdings Pvt. Ltd. (owned by Prannoy and Radhika Roy) and are presently underway.

The Reserve Bank of India too seemed to have detected violation of several provisions of FEMA by the NDTV Group to the tune of Rs 2030 crore. The Enforcement Directorate in this regard has issued a show cause notice for contravention of FEMA provisions.

The investigating agencies say that NDTV, which is controlled by Prannoy Roy and Radhika Roy had only two subsidiaries in India till the year 2006. However, from 2006 to 2012, NDTV floated …read more