Income Tax Department Attaches Promoter Holding In NDTV

The Income Tax (I-T) Department has attached the entire 29.12 per cent shareholding of RRPR Holding in New Delhi Television(NDTV), the media house said in a regulatory filing. RRPR is the largest promoter group company in NDTV, the company that operates news channels NDTV 24x7, NDTV India and NDTV Profit.

“RRPR Holding Pvt Ltd, one the promoters of the company, has informed the company today that it has received an order dated October 25, 2017, issued by Deputy Commissioner of Income Tax under section 281B of the Income Tax Act, 1961, provisionally attaching the entire shareholding held by RRPR in the company comprising 1.88 crore equity shares,” NDTV said in a filing to the stock exchanges.

It, however, did not give details of the dispute over which the I-T Department has attached the shares.

Section 281B states that “during the pendency of any proceeding for the assessment of any income or for the assessment or reassessment of any income which has escaped assessment”, the Income Tax Department may “attach provisionally any property belonging to the assessee” to protect the interests of the revenue.

“RRPR is in the process of seeking legal advice to take appropriate action in the said matter,” the filing added. (PTI)