So NDTV has not gotten a clean chit from Supreme Court in the tax reassessment matter.

The Supreme Court quashed the IT department notice on the ground that it was filed after limitation period expired.

As per the first proviso to section 147 of the Income Tax Act which was applicable in this case, the IT department could take the benefit of extended deadline to issue notice only if there was a failure on the part of NDTV to make a full and true disclosure of all relevant facts.

The court ruled in favour of NDTV based on this holding that it had disclosed all the primary facts necessary for assessment during the first assessment in 2008-09. Hence, the IT Department cannot take the benefit of extended period of limitation under first proviso to S. 147

However, the court did state that IT Department had sufficient reasons to believe that undisclosed income of NDTV has escaped assessment and, therefore, there are grounds to issue notice for reassessment.

Hence the court it clear that the IT department can issue fresh notice as per the second proviso to section 147 as per which the limitation period of 4 years which is prescribed in first proviso will not apply.

"We have not expressed any opinion on whether on facts of this case the revenue could take benefit of the second proviso or not. Therefore, the revenue may issue fresh notice taking benefit of the second proviso if otherwise permissible under law”, the court said.