The Large Taxpayers’ Office (LTO) has asked Ncell to pay Rs 22.44 billion – of the remaining capital gains tax (CGT) – in its buyout deal by December 19.
Based on the full verdict of the Supreme Court (SC) – of November 21 – which had set Rs 21.1 billion tax liability on Ncell, the LTO has determined Rs 22.44 billion (including fines) as the pending CGT. “LTO has calculated remaining tax liability of Ncell – based on the apex court’s decision – and sent a letter yesterday asking Ncell to pay Rs 22.44 billion remaining tax,” according to the LTO.
The full text of Supreme Court had quashed the CGT liability – determined by the LTO on Ncell, which was worth Rs 62.63 billion – citing that imposing an additional 50 per cent fine on applicable CGT liability on Ncell was not according to the law.
Since Ncell had paid Rs 23.57 billion as CGT to the government on June 4, 2017, LTO had determined Rs 39.06 billion as remaining CGT liability of Ncell. However, Ncell had moved the Supreme Court seeking a stay on LTO’s decision, arguing that the office had violated the due process while reassessing Ncell’s CGT liability.
The apex court had ruled Ncell’s favour – on August 25 – observing that it could be expected to fulfil its CGT liability from February 6.
Based on the full verdict of the Supreme Court (SC) – of November 21 – which had set Rs 21.1 billion tax liability on Ncell, the LTO has determined Rs 22.44 billion (including fines) as the pending CGT. “LTO has calculated remaining tax liability of Ncell – based on the apex court’s decision – and sent a letter yesterday asking Ncell to pay Rs 22.44 billion remaining tax,” according to the LTO.
The full text of Supreme Court had quashed the CGT liability – determined by the LTO on Ncell, which was worth Rs 62.63 billion – citing that imposing an additional 50 per cent fine on applicable CGT liability on Ncell was not according to the law.
Since Ncell had paid Rs 23.57 billion as CGT to the government on June 4, 2017, LTO had determined Rs 39.06 billion as remaining CGT liability of Ncell. However, Ncell had moved the Supreme Court seeking a stay on LTO’s decision, arguing that the office had violated the due process while reassessing Ncell’s CGT liability.
The apex court had ruled Ncell’s favour – on August 25 – observing that it could be expected to fulfil its CGT liability from February 6.
No comments:
Post a Comment