Volume 14 Third Supplement

failure to submit a profits tax return within the stipulated period - unintentional delay - penalty in the rate of 10% of the tax undercharged under s 82A of the Inland Revenue Ordinance (the 'IRO')  

income was understated in two years of assessment - reliance placed upon this employer's return for full compliance of his obligation - absence of an intention to understate any income - whether long absence from Hong Kong is a reasonable excuse for the omission or understatement - whether penalty at the rate of 15% under s 82A of the Inland Revenue Ordinance (the 'IRO') excessive  

repeated failure to file tax return - family circumstances - ill health of children - s 82A of the Inland Revenue Ordinance, Chapter 112  

s 82A of the Inland Revenue Ordinance - whether no accounting experience and lack of criminal intent are factors for reduction  

deductible - loan borrowed for the purpose of producing income - s 42(1) of the Inland Revenue Ordinance, Chapter 112  

deduction for mortgage interest - ss 42(1) and 42(2)(b) of the Inland Revenue Ordinance  

acquisition and sale of property - intention of purchaser at time of acquisition - burden of proof on taxpayer purchaser - whether tax chargeable on the profits of sale  

acquisition of property - intention at time of purchase - burden of proof on purchaser to establish that property purchased for long term investment - whether tax chargeable upon revaluation of property - ss 2(1), 14 and 68(4) of the Inland Revenue Ordinance  

asset betterment statement - burden on taxpayer to show it incorrect or excessive  

consultancy fee - recipient company almost wholly owned by the taxpayer - whether deductible expense - artificial arrangements - s 61 of the Inland Revenue Ordinance (the 'IRO')  

real property - whether the gains arising from the disposal of a property was liable for profits tax - ss 2, 14 and 68(4) of the Inland Revenue Ordinance  

real property - whether the gains arising from the disposal of a property was liable for profits tax  

sale of property - change of the intention of purchase - whether audited accounts truly reflect the state of affairs of the company concerned - urgency in the preparation of the account - lack of contemporaneous document to support  

sale of property - whether for long term investment or used as a trading asset - ss 2, 14(1) and 68(4) of the Inland Revenue Ordinance, Chapter 112  

sale of property - whether profits derived from the sale of the property assessable to profits tax - intention at the time of acquisition - whether the taxpayer is necessary to show a pressing need to purchase or to sell - s 14 of the Inland Revenue Ordinance  

whether profits from the sale of a property assessable to profits tax - whether 'prevented' from giving the requisite notice of appeal - ss 66 and 68(4) of the Inland Revenue Ordinance (the 'IRO')  

allowable deductions - dependent parent allowance - whether the dependent parent was ordinarily residing in Hong Kong in the relevant year of assessment - whether taxpayer entitled to claim deductions - s 30 of the Inland Revenue Ordinance (the 'IRO')  

deduction - expenses for self education - 'paid in the year of assessment' - ss 2(1), 12(1)(a), 12(1)(e) and 12(6)(d)(i) (A) to (F) of the Inland Revenue Ordinance (the 'IRO'), Chapter 112  

deductions claimed in respect of certain payments - notice of appeal not filed in time - whether time for filing ought to be extended - discretion of the Board - s 66(1A) of the Inland Revenue Ordinance  

severance payment - whether taxable because of immediate re-engagement