26 Nov 2002
WAH HING FAT REALTY CO. LTD. v. THE COMMISSIONER OF INLAND REVENUE
- Citation
- WAH HING FAT REALTY CO. LTD. v. THE COMMISSIONER OF INLAND REVENUE
- Court
- Court of First Instance
- Case number
- HCIA7/2001
The Board of Review was entitled to find there was no change of intention on the evidence: contemporaneous accounts and tax treatment showed the Property was held for sale, the 1987 minutes lacked evidential weight and statutory compliance, the Knight Frank letter was not a valuation, and the appellant's conduct was inconsistent; accordingly the gain was properly assessable as trading profit and the appeal is dismissed.