PETALING JAYA: UOA Development Bhd’s wholly owned subsidiaries Windsor Triumph Sdn Bhd and Sunny Uptown Sdn Bhd were served by the Inland Revenue Board (IRB) with notices of additional assessment for the Year of Assessment 2013, for additional income tax of RM25.56 million and penalty of RM14.06 million.
Windsor Triumph and Sunny Uptown have filed an appeal to dispute the additional assessment.
Windsor Triumph was served an additional assessment of RM8.99 million and penalty of RM4.94 million which were due to an adjustment by the IRB of the market value of properties that Windsor Triumph had withdrawn as a stock-in-trade to hold as investment property.
Meanwhile, Sunny Uptown was served an additional assessment of RM16.57 million and penalty of RM9.11 million on the back of an adjustment by the IRB of the selling price at market value, of properties that Sunny Uptown had assigned to another wholly owned subsidiary of the company on an “as is” basis.
UOA said both subsidiaries relied on valuations by a professional, independent and experienced registered valuer. These valuations were adjusted by the IRB by substituting them with valuations subsequently conducted by the Valuation and Property Services Department.