SC reverses tax liability to Ncell decided by Large Taxpayers’ Office

Kathmandu, August 26: The Supreme Court has given a verdict that the NCell Company need not to pay capital gain tax only from the date they knew about the provision.

The full bench of Supreme Court judges Tej Bahadur KC, Purushottam Bhadari, Dambar Bahadur Shahi, Sushmalata Mathema and Dr Manoj Kumar Sharma gave a verdict today after concluding the hearing.

The verdict says that the earlier decision of the large taxpayers’ office issued on 16 May 2019 regarding tax liability to NCell has been squashed by the court order.

The NCell Company had been drawn about evading capital gain tax while selling 80% of its shares.