NDTV today said the Income Tax Department has rejected application for stay on Rs 131.04 crore tax demand and has been directed to pay the due. The company, which runs NDTV 24X7 English news channel, indicated that it might challenge the tax demand and expressed confidence the I-T order may not stand judicial scrutiny.
In a regulatory filing, NDTV said the Company has today received an Order from the Principal Commissioner of Income Tax, rejecting the application for stay of demand.
The filing further said the IT Department had directed the company to pay Rs 131.04 crore, partly by way of adjustment of refund of Rs 23 crore and partly in 3 instalments payable on April 15, May 15 and June 15 of Rs 36 crore, 36 crore and 36.04 crore, respectively. “The Company has been advised that the Order passed will not withstand judicial scrutiny,” NDTV said. NDTV’s shares closed at Rs 44.75 a piece on BSE, up 2.87 per cent over yesterday.