Supreme Court decides in favor of Ncell in the case filed by the telco to challenge the tax amount asked by Large Taxpayers Office (LTO). So, with the decision, Ncell need not pay the huge amount of Capital gain taxes occurred during Ncell buyout by Axiata.
As per rule, 25 % of the capital gain while selling a stake should be paid to the Government. Telia had gained over Rs 143 billion (1.43 Kharba) by selling the Ncell to Axiata. So the CGT amount becomes Rs 35.91 billion which is 25 percent of total gain. With more late fees, interest and penalty, LTO calculated the amount of Rs 62.63 billion.
As Ncell says they have already paid CGT and late fees, they claim to pay the remaining 10 Percent amount of the total gains. In the petition, they also demanded that the remaining CGT amount be only Rs 14.5 billion to LTO.