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Volume 6 First Supplement

Publication Date: Jan 1992

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DIGEST OF CASES REPORTED

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  Decision No. Download
PENALTY TAX    

failure to return true profits - quantum of penalties -mitigating circumstances - s 82A of the Inland Revenue Ordinance

D49/91 Download D49/91 (DOC) - English Download D49/91 (PDF) - English

personal representatives of deceased businessman - assets betterment statement - understatement of profits - whether penalties excessive - s 82A of the Inland Revenue Ordinance  

D78/89 Download D78/89 (DOC) - English Download D78/89 (PDF) - English

quantum of penalty - obligation to maintain proper accounts - s 82A of the Inland Revenue Ordinance  

D52/91 Download D52/91 (DOC) - English Download D52/91 (PDF) - English

quantum of penalty - s 82A of the Inland Revenue Ordinance  

D74/89 Download D74/89 (DOC) - English Download D74/89 (PDF) - English
PROFITS TAX    

acquisition of loan portfolio by financial institution -realisation of loan portfolio at a profit - whether profit subject to profits tax  

D42/91 Download D42/91 (DOC) - English Download D42/91 (PDF) - English

claim to deduct overseas taxes - shipping company - whether overseas taxes were outgoings incurred with a view to producing profits and in the production of profits - ss 16, 17 and 23B of the Inland Revenue Ordinance  

D43/91 Download D43/91 (DOC) - English Download D43/91 (PDF) - English

closure of business - deduction of losses - sale of capital assets - s 17(1)(c) of the Inland Revenue Ordinance  

D72/89 Download D72/89 (DOC) - English Download D72/89 (PDF) - English

letter B land entitlements - whether gain or sale liable to tax - whether capital assets or adventure in the nature of trade  

D82/89 Download D82/89 (DOC) - English Download D82/89 (PDF) - English

property trading - alleged sale at undervalue - Petrotim Securities Limited v Ayres - s 6l of the Inland Revenue Ordinance  

D47/91 Download D47/91 (DOC) - English Download D47/91 (PDF) - English

property trading - whether assessor can discharge actual profit and assess notional profit - sale of property by company to director  

D41/91 Download D41/91 (DOC) - English Download D41/91 (PDF) - English

sale of properties - whether capital gain or trading profit - joint venture agreement - whether tax should be assessed on difference in value of acquisition price and value at date of joint venture agreement  

D48/91 Download D48/91 (DOC) - English Download D48/91 (PDF) - English

sale of properties at a profit - whether director nominee for taxpayer - intention of taxpayer   

D51/91 Download D51/91 (DOC) - English Download D51/91 (PDF) - English

whether investments in unit trusts were capital or trading - whether losses capable of deduction from assessable profits   

D50/91 Download D50/91 (DOC) - English Download D50/91 (PDF) - English
SALARIES TAX    

gratuity payable to Government servant - date of payment of gratuity - whether accrued due in year of assessment - ss 11B and 11D of the Inland Revenue Ordinance  

D77/89 Download D77/89 (DOC) - English Download D77/89 (PDF) - English
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