8 Dec 2000
COMMISSIONER OF INLAND REVENUE v. SECAN LTD. AND ANOTHER
- Citation
- COMMISSIONER OF INLAND REVENUE v. SECAN LTD. AND ANOTHER
- Court
- Court of Final Appeal
- Case number
- FACV9/2000
Where a company's financial statements are prepared in accordance with ordinary commercial accounting principles, give a true and fair view and are not inconsistent with the Inland Revenue Ordinance, the Commissioner must assess profits on that basis; section 16 governs the year and extent of deductions (debits) and does not prohibit capitalising interest as an increase in asset value (credit), and a taxpayer cannot obtain a double deduction by capitalising interest in earlier years and later deducting it again on sale.