30 Oct 1998
YICK FUNG ESTATES LTD. v. COMMISSIONER OF INLAND REVENUE
- Citation
- YICK FUNG ESTATES LTD. v. COMMISSIONER OF INLAND REVENUE
- Court
- Court of First Instance
- Case number
- HCIA2/1998
The Court held that (1) s.18E(1) does not restrict the Commissioner to a basis period of 12 months for traders who commenced before 1 April 1974; the discretion can extend beyond 12 months; (2) a unilateral change of accounting date can constitute a "transaction" within s.61A, s.61A requires objective consideration of the seven matters and may apply where the dominant purpose is tax benefit, and (3) s.61A can operate to override specific provisions where necessary to negate avoidance. On the facts the Board's decision on s.61A was upheld and the Commissioner was entitled to assess the extende…