4 Apr 2002
KAIIFULL INVESTMENTS LTD v. THE COMMISSIONER OF INLAND REVENUE
- Citation
- KAIIFULL INVESTMENTS LTD v. THE COMMISSIONER OF INLAND REVENUE
- Court
- Court of First Instance
- Case number
- HCIA8/2001
On the facts found by the Board the appellant failed to discharge the burden of proving a capital, redevelopment intent; the Board was entitled to find the professed intention unrealistic and to draw adverse inferences about group composition and the surveyor's letter; there was no fatal breach of the rule in Browne v Dunn and no ground for setting aside the Board's conclusion that the acquisition was in the nature of trade and the sale profits taxable.