| 21/8/2008 |
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| Court of Appeal - Decisions in Income Tax Cases |
| Case No: 75 |
Decided on 25 January 1971 |
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Existence Of Trade Or Business. Points Of Fact And Law
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Taxpayer was an importer who ceded his business and stock to another importer. Thereafter he was solely occupied in winding up his business affairs. He received interest from his still outstanding debtors and claimed against the interest the deduction of his current expenses in winding up his affairs. No trade as such was carried on, nor did he have any profits or losses.
The Board of Special Commissioners found as a fact that the taxpayer was not carrying on his former trade and that he was not a money lender. The expenditure claimed could not therefore be set off against the interest on monies still due to him.
On appeal, it was held that there was no point of law involved and the appeal was therefore rejected.
BSC Case No: 32/66
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