KUALA LUMPUR (March 6): Aeon Credit Service (M) Bhd said it has filed an appeal to the Court of Appeal against the High Court's decision yesterday to dismiss its judicial review application in relation to additional taxes and penalties totaling RM96.82 million by the Inland Revenue Board (IRB).

On Dec 13 last year, the non-bank lender was served with notices of additional assessment for the years of assessment 2010 to 2016 with penalties by the IRB.

In response, Aeon Credit had on Jan 5 filed notices of appeal to the special commissioners of income tax with the Director General of Inland Revenue (DGIR) to appeal against the notices of additional assessment.

In a filing with Bursa Malaysia today, Aeon Credit said the High Court had yesterday dismissed its application for judicial review.

"However, the High Court had granted an interim stay against the enforcement of the notices of additional assessment pending the filing and hearing of the formal application for a stay from the Court," it added.

Aeon Credit said it has also filed a formal application yesterday for a stay against the enforcement of the notices of additional assessment to the High Court pending the disposal of its appeal.

"Upon consulting its tax solicitors, the company is of the view that there are reasonable grounds to challenge the validity of the said notices of additional assessment raised by the DGIR and the penalties imposed.

"This is especially when at all material times, the company had sought professional advice from an independent firm of tax consultants on the tax treatment and that the notices of additional assessment for the years of assessment 2010 and 2011 are time barred," it said.

Aeon Credit said it will make further announcement if there is any material update on the matter.

At 4.37pm, Aeon Credit shares were unchanged at RM13.56, with 29,700 shares done. Its market capitalisation stood at RM19.98 billion.