18 Dec 1987
OVERSEAS TEXTILES LTD v. COMMISSIONER OF INLAND REVENUE
- Citation
- OVERSEAS TEXTILES LTD v. COMMISSIONER OF INLAND REVENUE
- Court
- Court of First Instance
- Case number
- HCIA2/1987
Compensation payments incurred after cessation to terminate contractual liabilities were not incurred in the course of the appellant's former textile trade and therefore were not deductible under s.15D(2); the surplus on sale of raw materials was taxable; on the facts there was ample evidence that the appellant embarked on a property dealing business and the Board's finding that the business commenced by 28 May 1976 (with effective trading activity by May 1977) was reasonably open and is upheld.