ITAT upholds case against NDTV’s Prannoy Roy and Radhika Roy

NEW DELHI: The Income Tax Appellate Tribunal (ITAT) has upheld the income tax department’s contention that New Delhi Television (NDTVNSE -2.01 %) founders Prannoy Roy and Radhika Roy concealed income of more than Rs 117 crore each over two assessment years in a June 14 ruling. Following this, the I-T department is likely to move against the Roys and file a prosecution complaint, akin to a chargesheet, in a competent court, said people with knowledge of the matter. This may also set the ball rolling for enforcement agencies to probe charges of alleged money laundering, they added. ET has seen the ITAT order.

“There is absolutely no question of concealment of income,” Prannoy Roy told ET in an email. He said the ITAT ruling was to do with classification of the capital gains involved — whether short-term or long-term. Stating that the case involves “legal issues and technical tax law issues”, Roy said an appeal against the tribunal’s findings will be filed once courts reopen in July.