Ncell no need to pay more capital gain tax as determined by tax office

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Kathmandu: The Supreme Court has concluded that the Ncell, telecom service Provider Company, has to pay capital gain tax only from the day that it came to know about it. A full bench of justices Tej Bahadur KC, Pursottam Bhandari, Damber Jung Shahi, Sushmalata Mathema, Manoj Kumar Sharma handed down a verdict towards that end on Monday.

The sale price was determined based on the documents received as of Asar 13, 2074, reads the verdict, “as no documents were received about gaining capital more than the sale-purchase of shares, the large tax payer office holds the right to re-assign the tax.”

In the verdict the Court has also annulled by a certiorari order the tax determined by the large tax payers’ office on Baisakh 3, 2076. The sale and purchase of 80 per cent shares of Ncell private limited was disputed. The office had determined that the Ncell had to pay a total of Rs. 62.63 billion in capital gain tax, of which around 39.5 billion rupees was yet to be paid.