27 Nov 1973
THE COMMISSIONER OF INLAND REVENUE v. SINCERE INSURANCE AND ANOTHER
- Citation
- THE COMMISSIONER OF INLAND REVENUE v. SINCERE INSURANCE AND ANOTHER
- Court
- Court of First Instance
- Case number
- HCIA1/1973
The court held the Board's inference that the gains were accretions to capital was not reasonably open on the evidence; the acquisition and realization of the three properties were acts in the ordinary carrying on of the respondent's insurance business (investment management) and the profits are assessable as corporation profits under s.14.