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Ncell Files Writ Petition against Large Taxpayers’ Office

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Ncell Files Writ Petition against Large Taxpayers’ Office
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April 23: Ncell has filed a writ petition at the Supreme Court (SC) against the Large Taxpayers’ Office (LTO) claiming that the government body wrote a letter to the telecommunication company to pay more than Rs 39 billion against the existing laws and previous verdict of the apex court.

In the writ petition filed on Monday, April 22, Ncell asked the SC to scrap the letter.

The Large Taxpayers’ Office had sent the letter to Ncell on April 16 asking the company to pay Rs 39.6 billion as capital gains tax (CGT) within seven days. Earlier on February 6, the SC had ordered the LTO to determine the amount Ncell owns to the government as CGT within three months. In the order, the apex court had also asked the taxpayers’ office to deduct the amount Ncell had already paid.

Ncell has already paid Rs 21.54 billion as CGT to the Large Taxpayers’ Office in two installments on May 8, 2016 and June 4, 2017. It has also paid Rs 2.2 billion as late fee.

Ncell has mentioned in the writ petition that it is now liable to pay only Rs 14.36 billion to the government.

The LTO had earlier sought Rs 60.71 billion as CGT from Ncell. As per the existing laws, any company is liable to pay 25 percent CGT of the total transaction during the buying or selling of the company. Ncell has claimed that it has already paid 15 percent of the CGT and it now has to pay the remaining 10 percent CGT.

 

 

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