30 Oct 1998
COMMISSIONER OF INLAND REVENUE v. YICK FUNG ESTATES LTD.
- Citation
- COMMISSIONER OF INLAND REVENUE v. YICK FUNG ESTATES LTD.
- Court
- Court of First Instance
- Case number
- HCIA1/1998
The court held that s.18E(1) does not restrict the Commissioner to a basis period of 12 months for old traders and thus the Commissioner may compute assessable profits by reference to a basis period exceeding 12 months; independently, s.61A covers unilateral changes of accounting date and, applying the objective seven‑factor test, may be invoked where the sole or dominant purpose is to obtain a tax benefit; s.61A can override other provisions of the Ordinance. On the facts the Board was correct on s.61A but erred on the construction of s.18E(1).