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New Delhi Television gets favourable ruling from Delhi High Court

Capital Market 

Against appeal filed by IT Dept.

New Delhi Television announced that the Hon'ble High Court at Delhi (Court) on 12 July 2016 dismissed the appeals filed by the Income Tax Department (Department) against the order of the Hon'ble ITAT, which had ruled in favour of the Company against the order of the Department for AY 2006-07, disallowing expenditure towards employee stock options and software.

The Department had earlier disallowed expenditure aggregating to over Rs.50 crore cumulatively incurred by the Company during 5 assessment years commencing with Assessment Year 2006-07. The Company had successfully appealed before the Hon'ble ITAT against the order of the Department for AY 2006-07 (against which the Department had appealed before the Hon'ble Court as explained above). The appeals for remaining assessment years are pending before the Hon'ble ITAT.

The Hon'ble Court found no merit in contentions of the Department challenging the correctness of the ITAT's order in favour of Company for AY 2006-07. Accordingly, the Hon'ble Court dismissed the appeals of the Department on merit as well as on account of delay.

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First Published: Wed, July 13 2016. 15:01 IST