13 Feb 2007
HIT FINANCE LTD v. COMMISSIONER OF INLAND REVENUE
- Citation
- HIT FINANCE LTD v. COMMISSIONER OF INLAND REVENUE
- Court
- Court of First Instance
- Case number
- HCIA14/2005
The Board erred in law by finding that no real money was raised by the Strategic Notes and by treating the Strategic Notes as artificial and fictitious; on sustainable findings the Notes were legally effective and interest could be deductible under section 16, and the determinations under sections 61/61A require reconsideration by the Board with correct factual premise (remitted).