22 Dec 2006
COMMISSIONER OF INLAND REVENUE v. TAI HING COTTON MILL (DEVELOPMENT) LTD
- Citation
- COMMISSIONER OF INLAND REVENUE v. TAI HING COTTON MILL (DEVELOPMENT) LTD
- Court
- Court of Appeal
- Case number
- CACV343/2005
The Court of Appeal held that the Board of Review's finding that the consideration under the Site I and II agreement was not excessive and was commercially realistic stood and that those acquisition costs were deductible under section 16; accordingly no tax benefit arose for section 61A to apply and the judge below erred in substituting his own factual conclusions; appeal allowed and assessments remitted to the Commissioner for revision in accordance with the Board's decision dated 29 March 2004.