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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.</p>
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April 26: The Supreme Court has issued an interim order to the Large Taxpayers’ Office (LTO) instructing the office not to collect tax from Ncell until May 6. A single bench of Justice Bam Kumar Shrestha issued the interim order on Thursday following a writ petition filed by Ncell against the LTO on April 22, alleging LTO of charging excessive tax.
In the petition, Ncell has argued that the LTO asked it to pay more than Rs 39 billion against the existing laws and previous verdict of the apex court when it is liable to pay only Rs 14.36 billion.
Ncell said it 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.
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.
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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<p>
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