Delhi High Court Quashes 2016 Income Tax Notices to NDTV Founders Prannoy and Radhika Roy

The Delhi High Court quashed the 2016 income tax reassessment notices issued to NDTV founders Prannoy Roy and Radhika Roy concerning alleged interest-free loans to their promoter company RRPR Holdings. The court ruled that the reassessment was a second reopening of the same assessment year, which is not permitted under law, and deemed the proceedings arbitrary. It imposed a token cost of Rs 1 lakh each on the Income Tax department to be paid to the Roys. The detailed judgment is awaited.