With the dismissal of its appeal on a High Court decision, the RM80.77 million in income tax and penalties owed by MK Land unit Saujana Triangle Sdn Bhd (STSB) to the Inland Revenue Department (IRB) has now become due.
The High Court had not granted STSB’s application for leave and stay to commence judicial review, in respect of IRB’s decision to issue notices of assessment and additional assessment.
In a Bursa Malaysia filing, MK Land revealed that the decision of the Court of Appeals and the High Court had been based on the availability of an alternative remedy through an appeal to the Special Commissioners of Income Tax that STSB lodged on 1 June 2017.
“STSB’s solicitors and tax consultants had advised that there are reasonable grounds to challenge the validity of the said notices of assessment and additional assessment raised by the Director General of Inland Revenue and the penalties imposed via its appeal to the Special Commissioners of Income Tax,” it noted.
MK Land said it will make further announcements should there be any material update on the matter.
Image sourced from MK Land
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