19 May 2008
COMMISSIONER OF INLAND REVENUE v. HIT FINANCE LTD
- Citation
- COMMISSIONER OF INLAND REVENUE v. HIT FINANCE LTD
- Court
- Court of Final Appeal
- Case number
- FACV16/2007
The Court held that interest claimed by HIT Finance on sums in excess of the US$587 million actually borrowed by the group must be disallowed, and accordingly confirmed the assessments on HIT Finance as increased by the Board of Review under s.68(8)(a); subsequent borrowings by other group companies did not entitle HIT Finance to duplicate interest deductions.