25 Mar 1997
COMMISSIONER OF INLAND REVENUE v. NATIONAL MUTUAL CENTRE (HK) LTD
- Citation
- COMMISSIONER OF INLAND REVENUE v. NATIONAL MUTUAL CENTRE (HK) LTD
- Court
- Court of First Instance
- Case number
- HCIA2/1996
Where contractual terms create an accrued legal obligation to pay interest despite deferred payment rights of a subordinated lender, that interest is 'incurred' and 'payable' within s.16(1)(a); and where, at the time the liability arose, the interest would have been chargeable to tax in the recipient under the existing s.28(1), the condition in s.16(2)(c) is satisfied so the interest is deductible even though interest tax was subsequently repealed.