25 Jul 1986
CHINACHEM INVESTMENT CO LTD v. COMMISSIONER OF INLAND REVENUE
- Citation
- CHINACHEM INVESTMENT CO LTD v. COMMISSIONER OF INLAND REVENUE
- Court
- Court of First Instance
- Case number
- HCIA2/1985
The Board and court concluded appellant failed to discharge the onus to show the assets were capital investments: objective evidence (audited accounts classifying units as current assets, repeated tax returns treating sales as trading profits, absence of depreciation claims), lack of corroborative documentary/minute evidence and unsatisfactory witness testimony justified disbelief; therefore disposals constituted trading stock and profits tax assessment was correctly confirmed.