10 Nov 2006
REAL ESTATE INVESTMENTS (N.T.) LTD v. COMMISSIONER OF INLAND REVENUE
- Citation
- REAL ESTATE INVESTMENTS (N.T.) LTD v. COMMISSIONER OF INLAND REVENUE
- Court
- Court of Appeal
- Case number
- CACV15/2006
The appellant failed to discharge the statutory burden of proving the property was a capital asset because the Board, after considering intention at acquisition and the badges of trade, found the appellants evidence limited and unconvincing; that conclusion was open on the facts and the appeal was therefore dismissed, upholding the Commissioners profits tax assessment under s.14(1).