SC : NDTV challenges Delhi HC order upholding reassessment for Rs 400 cr introduced at UK-subsidiary level

SC to decide on NDTV's (assessee) SLP against Delhi HC order upholding re-opening of assessment for AY 2008-09;  HC had upheld reassessment beyond 4 years where AO had alleged that Rs. 405.09 cr introduced into the books of assessee’s UK subsidiary (‘NNPLC’)  during relevant AY in the form of Step Up Coupon Bonds pertained to assessee’s unaccounted money;  HC had noted that Revenue has relied on DRP directions for AY 2009-10 (wherein the DRP treated investment in NNPLC as sham transactions and directed lifting of corporate veil) as well as the tax evasion petition (filed by shareholders of NDTV raising issues of tax evasion by NDTV by raising funds of Rs.1100 crore through NNPLC) to form the belief that the transaction of raising of funds through Step Up Coupon Bonds by NNPLC was a bogus transaction; SC lists matter on July 26th stating that Revenue's counsel "will look into whether the U.K. Government has sent a communication to his client, and if so what the content of that communication is so that we may ultimately decide the matter on merits without prejudice to Mr. Mehta’s client’s rights"