KATHMANDU, Aug 16: The Supreme Court (SC) on Thursday rescheduled the Ncell capital gains tax (CGT) assessment verdict for August 22 citing the reason that the judges are preparing the judgment.
“The verdict pronouncement date has been rescheduled,” Kishor Paudel, communication expert, SC, told Republica. “The justices are still working on the judgment,” he added. A five-member-larger full bench of justices Tej Bahadur KC, Purusottam Bhandari, Dambar Bahadur Shahi, Sushmalata Mathema and Manoj Kumar Sharma has been considering the case as this is the second deferral of the verdict. The bench had first differed the pronouncement of judgment on August 6.
On April 23, Ncell Private Limited had challenged the capital gains tax assessment made by the Large Taxpayers Office (LTO), at the Supreme Court. Two days before the seven-day deadline for paying Rs 39 billion as the balance of the capital gains tax assessment including fines and interest, one of the largest telecommunications companies in the country moved the apex court seeking annulment of LTO decision. Ncell argued that the tax assessment was against the SC verdict handed down by a larger full bench led by Chief Justice Cholendra SJB Rana on February 7.
The court verdict stated that Ncell and its parent company Axiata should pay the CGT and asked LTO to assess the tax within three months. LTO had simply transferred the assessed tax from TeliaSonera to Ncell and its parent company Axiata.