28 Apr 2006
LO TIM FAT v. COMMISSIONER OF INLAND REVENUE
- Citation
- LO TIM FAT v. COMMISSIONER OF INLAND REVENUE
- Court
- Court of First Instance
- Case number
- HCIA13/2005
Amounts that accrue and are beneficially owned by the taxpayer under the LOU when due are trading receipts for the year in which they accrue despite contingent future refund obligations; applying the Inland Revenue Ordinance and Smart v Lincolnshire Sugar, the Court held $1,122,804 is properly treated as trading receipts for 2002/2003 and dismissed the appellant's claim to treat only 20% as assessable.