Income Tax Commissioner (Appeals) caught New Delhi Television Pvt. Ltd. (NDTV) owners Prannoy Roy and wife Radhika Roy for massive tax evasion and fined around Rs.30 crores each for hushing up their income during 2010-11. As per the Income Tax Commissioner (Appeals) Order in April 2017, Prannoy Roy’s annual income was more than Rs.116 crores and his wife’s was more than Rs.115 crores while both declared only Rs.1.33 crores and Rs.90 lakhs respectively.
The 42-page each order exposes the crooked ways in which Prannoy Roy and his wife fooled the NDTV staffers, investors, government, and exchequer.
And this pathological liar Prannoy Roy in June 2017 fooled gullible journalists and eminenterati, assembled them in Press Club of India and bellowed that he and his wife have not touched black money in their life! Those who got duped by this ruse should know that this massive tax fraud by the Roys was first found by Income Tax in March 2013 during the UPA Government’s tenure, rejecting the husband and wife’s claim of less annual income. The April 2017 Order passed by the Income Tax Commissioner (Appeals) just ratifies the findings of the Assessing Officer in 2013. And the excited assembly in the Press Club of India bad mouthed Prime Minister Narendra Modi and swallowed what Roy vomited hook, line, and sinker.
Now the husband-wife team has challenged the April 2017 findings before the ITAT (Income Tax Appellate Tribunal). The 42-page each order exposes the crooked ways in which Prannoy Roy and his wife fooled the NDTV staffers, investors, government, and exchequer. Both orders will be uploaded in the next episode detailing each fraud of the media baron.
Underquoting their income… by a lot!
In 2010-2011 Prannoy Roy declared on his Income Tax returns Rs.1,33,11,068 as his Income. In the 42-page order ratifying the March 2013 order, the Income Tax Dept. (ITD) clearly establishes Prannoy Roy’s actual income on that year was Rs. 116,10,36,090. A similar fraud was committed by Radhika Roy too. In the same year, Radhika Roy declared on Rs.90,80,683 as her Income. In the 42 page order ratifying the March 2013 order, the ITD clearly establishes Radhika Roy’s actual income on that year was Rs. 115,68,05,570. Both are fined by Income Tax for Rs.29,60,33,096 and Rs.29,39,60,205 respectively.
The ITD finding is a clear case of Stock Exchange manipulation by NDTV. In August 2009, 58 lakhs of NDTV shares were exchanged by husband and wife through their shell company RRPR Holdings for just Rs.4 when the market price of the day was Rs.140. Similar fraud was committed in March 2010. As many as 35 lakh shares (3.5 million) of NDTV exchanged for again for just Rs.4 when the market price was Rs.130!!! The question is what SEBI is waiting for, to launch a probe on this biggest fraud?
The detailed orders clearly show how Roys hushed up their income from properties in Hauz Khas and Greater Kailash-1 in Delhi, Mussoorie, and two houses in Dehradun and property with a palatial home purchased in Cape Town in South Africa. Tomorrow we will publish the detailed report on the violations exposed by the Income Tax.
During this period of massive tax evasion, NDTV was laying off over 500 staffers saying that the company was losing money. This is a 2013 order, ratified in April 2017.