NEW DELHI TELEVISION LTD vs ASSISTANT COMMISSIONER OF INCOME TAX & ORS.

Judgment text excerpt

$~8 * IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment delivered on: 29.01.2025 + W.P.(C) 4277/2022 & CM APPL. 33753/2022 (ADDL. DOCUMENTS) NEW DELHI TELEVISION LTD .....Petitioner Through: Mr. Sachit Jolly, Sr. Adv. with Ms. Soumya Singh, Ms. Disha Jham and Mr. Devansh Jain, Advs. versus ASSISTANT COMMISSIONER OF INCOME TAX & ORS. ....Respondents Through: Mr. Induraj Singh Rai, SSC with Mr. Sanjeev Menon, Mr. Rahul Singh, JSCs, Mr. Anmol Jagga and Mr. Gaurav Kumar, Advs. CORAM: HON'BLE MR. JUSTICE YASHWANT VARMA HON'BLE MR. JUSTICE HARISH VAIDYANATHAN SHANKAR JUDGMENT YASHWANT VARMA, J. (Oral) 1. The writ petitioner impugns the reassessment action initiated by the respondents in terms of a notice dated 01 May 2020 and which pertains to Assessment Year1 2008-09. The writ petition itself represents the second foray of the petitioner with the earlier round of 1 AY W.P.(C) 4277/2022 Page 1 of 16 Signature Not Verified Digitally Signed By:HARVINDER KAUR BHATIA Signing Date:11.02.2025 11:41:47 litigation having ultimately ended before the Supreme Court and concluded in terms of its judgment rendered in New Delhi Television Ltd. vs. Deputy Commissioner of Income Tax2. 2. For the purposes of examining the challenge which stands raised, we at the outset, deem it apposite to take note of the principal reasoning which underlay the initiation of reassessment action in the second round. From the reasons which have been placed on the record and which are stated to have formed the bedrock for formation of opinion that income had escaped assessment, the Assessing Officer3 has essentially based its conclusions on the affairs of NDTV Networks PLC UK4 and other subsidiaries of the assessee and the funds that were raised overseas. The reasons recorded read thus:- “44. As discussed above