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October 24: The Supreme Court has issued an interim order against the directive of the Auditor General’s Office to recover Rs 6.15 billion capital gains tax from Neeraj Govinda Shrestha for selling his shares of Ncell. A joint bench of justices Om Prakash Mishra and Dambar Bahadur Shahi issued the stay order on Sunday, October 22 until the court gives the final verdict on the issue.
Shrestha had sold 20 percent of Ncell shares to Bhavana Shrestha. Shrestha claimed that he had made a profit of Rs 11.32 billion from the sale and had paid Rs 2.83 billion as tax.
However, the Auditor General’s Office had said that there was discrepancy in the payment of tax by Shrestha as compared to the tax of the remaining 80 percent of Ncell shares and had demanded an additional Rs 6.15 billion as tax.
As per the claims made by the Auditor General’s Office, the Large Taxpayers’ Office had initiated the process to collect tax from Shrestha. The office had sent a letter to Shrestha in the first week of September regarding this issue.
Upon receiving the letter, Shrestha filed a writ petition at the Supreme Court arguing that he had already paid his taxes and was not liable to pay anymore amount.
Lawyers representing Shrestha argued that the Large Taxpayers’ Office has been bothering their client even after he had already cleared the tax.
In April-May 2016, Swedish company Telia Sonera had sold 80 percent of Ncell’s shares to Malaysian company Axiata for Rs 144 billion. At that time, the capital gains tax from 80 percent of shares of Ncell was said to be Rs 61 billion. Shrestha had also sold 20 percent of his shares at the same time.
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include - APP/View/Elements/side_bar.ctp, line 60
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View::_renderElement() - CORE/Cake/View/View.php, line 1224
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include - APP/View/Articles/view.ctp, line 391
View::_evaluate() - CORE/Cake/View/View.php, line 971
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View::render() - CORE/Cake/View/View.php, line 473
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Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117
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View::_evaluate() - CORE/Cake/View/View.php, line 971
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View::_renderElement() - CORE/Cake/View/View.php, line 1224
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simplexml_load_file - [internal], line ??
include - APP/View/Elements/side_bar.ctp, line 133
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Articles/view.ctp, line 391
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117
