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Ncell files a petition to challenge the tax amount from LTO
Ncell, the private telecom operator has filed a petition in Supreme Court to challenge the amount set by Large Taxpayer’s office (LTO). As the seven-day deadline expires in 24 hours, Ncell filed the petition citing the fault in tax determination.
As the full text of the Supreme court verdict on Ncell issue came out, LTO determined the CGT amount of Rs 39.06 billion to recover from Ncell. They even provided 7 days time to pay the tax amount.
In the writ, Ncell claims the CGT amount of just Rs 14 billion. TeliaSonera sold out Ncell company to Axiata at Rs 143.6 billion. During which, there was a controversy of the Capital Gain Tax amount.
The tax issue seemed resolved with the Supreme Court Decision to recover the CGT amount from the buyer Axiata. Then LTO determined the tax amount with late fees and penalty. Now with the Ncell’s petition, the issue will take some more time to resolve.
As per the rule, Ncell should pay 25 % of the capital gains made in the deal. In the writ, Ncell says they have already paid the 15 percent amount and they are liable for 10% point amount more which is Rs 14.36 billion. Ncell already paid around Rs 21 billion in several deposits. So, Ncell demands an order of mandamus for the same tax amount to the government authorities.
Ncell also seeks some decision or order so that their business and regular operation be not hindered until the resolution of the issue.
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