18 Dec 2008
SHUI ON CREDIT CO LTD v. COMMISSIONER OF INLAND REVENUE
- Citation
- SHUI ON CREDIT CO LTD v. COMMISSIONER OF INLAND REVENUE
- Court
- Court of Appeal
- Case number
- CACV85/2008
The Court held that the Board of Review and Commissioner were correct: the deferred expenditure was properly treated as capital or otherwise disallowable, and s.61A empowers the Commissioner to determine assessable profits and adjust transactions that confer a tax benefit; the Board properly exercised its discretion to refuse the taxpayer leave to raise the limitation/pleading point; therefore the appeal was dismissed.