Popular News Channel, NDTV had amassed more than 642 Crore from a source via Bermuda in 2008. The Income Tax department was suspicious about the transaction and questioned the Channel management about the shoddy transaction. The channel interestingly said the department that they earned the money by selling a dream.
[m9ad]
The money was received from NBC Universal Inc and Universal Studios International BV through NDTV Networks International Holdings BV to ostensibly avoid paying income tax. The investor had paid 7015 Rupees for each share in the company which is 159 times of its face value of 45 Rupees which put the channel in the Tax inspectors’ net.
The Income Tax department slapped 200 percent fine on the News Channel Management which is to the tune of 525 crores for concealing the huge money received through Bermuda. The Income Tax directed NDTV to reply by June 22, 2016 but the channel is buying time saying that their CEO is unwell.
