21 Nov 1988
COMMISSIONER OF INLAND REVENUE v. WAYLEE INVESTMENTS LTD
- Citation
- COMMISSIONER OF INLAND REVENUE v. WAYLEE INVESTMENTS LTD
- Court
- Court of First Instance
- Case number
- HCIA3/1988
The Board of Review's finding that the profit was capital was supportable on the evidence; the court may look at the reality of the situation and lift the corporate veil to treat Waylee and the Bank together; applying the correct legal tests (intention at acquisition, badges of trade and overall factual matrix) the Board's conclusion that the sale proceeds were not taxable trading income but capital was reasonably open and not perverse, so the assessment must be annulled.