The Supreme said – Ncell to pay Rs 21.10 billion

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The Supreme Court ruled that Ncell now has to pay Rs 21.10 billion as a tax on capital gains on the Ncell buyout deal.

The apex court has ordered the private telecommunications company to pay Rs 21,103,971,565 as the tax on capital gains, according to the full text of today's verdict.

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On 26 August, SC ruled in favor of Ncell in a private telecom case against the Large Taxpayers ' Office (LTO) for placing Rs 62.63 billion as effective capital gains tax on Ncell for its purchase-out contract.

Ncell moved the SC against LTO on April 22, arguing that it needed to pay a capital gains tax of just Rs 14.5 billion to LTO, rather than Rs 39.06 billion as calculated by LTO for the selling of its shares to Axiata Investment UK Ltd.

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