| 21/5/2012 |
HOME
FSS
Downloads
|
| Board of Special Commissioners - Cases |
| Case No. 8b/85 |
Decided: 22 October, 1992 |
   |
|
The Commissioner was correct in applying article 5B but the Board reduced the value of the capital assets subject to tax at the rate of 30% - article 5B, now 7, Income Tax Act
|
The Board had to decide (a) whether the Commissioner was legally correct in applying article 5B when he determined that appellant company had taxable income in at least one year up to the year of assessment 1972; (b) if company was so taxable, whether the value of the capital assets which was taxed at the rate of 30% by the Commissioner was correct.
After a long and detailed examination of various submissions by appellant company and the Commissioner, the Board made certain adjustments to the final accounts as submitted by the company. As a result of these, the Board concluded that appellant company actually did have taxable income during the period that ended on 31 December 1971.
The Board also adjusted (reduced) the value of the capital assets of the company that was subject to tax at 30% according to article 5B.
|
|
|
|
|