KATHMANDU, June 4: The Supreme Court will conduct hearing on the much-debated Ncell tax issue today afternoon.
A five-member bench comprising justices Tej Bahadur KC, Purushottam Bhandari, Dambar Bahadur Shahi, Sushmalata Mathema and Manoj Kumar Sharma will conduct the hearing on the Ncell tax issue.
Responding to a writ petition filed by the Ncell, the Supreme Court had issued a temporary stay order against Large Taxpayers Office’s decision to levy Rs 39.06 billion capital gains tax from Ncell Pvt Ltd in the last week of April.
Ncell had filed the writ petition at the Supreme Court challenging the CGT assessed against it by the Large Taxpayers Office (LTO two months ago. In its writ petition, the company claimed that the LTO has erroneously assessed its tax liability at Rs 39.06 billion. Ncell stated that the CGT stands only at Rs 14 billion as it is not responsible for interests and fines for delay in payment as the tax has just been assessed.
After assessing the CGT on the Ncell buyout deal, LTO had asked the company on April 23 to pay the remaining CGT amounting to Rs 39.06 billion, including interest and fines, within a week. LTO made its final assessment of the CGT on the buyout that took place three years ago after the Supreme Court issued a verdict on the matter in March.
Following the Supreme Court verdict, LTO assessed the CGT at Rs 62.63 billion and asked Ncell to clear the remaining amount payable of Rs 39 billion.