17 Jan 2006
THE COMMISSIONER OF INLAND REVENUE v. COMMON EMPIRE LTD
- Citation
- THE COMMISSIONER OF INLAND REVENUE v. COMMON EMPIRE LTD
- Court
- Court of First Instance
- Case number
- HCIA1/2004
Computation of profit or loss (a statement of loss) is not an 'assessment' under sections 59, 60 and 62 of the Inland Revenue Ordinance; statements of loss are administrative and may be revisited to determine their effect on later years; the Commissioner validly revised the carried forward loss so as to remove an improperly carried forward loss and lawfully issued an additional assessment within the six-year limitation of section 60; the Board erred in treating the computation of loss as an assessment and in holding the Commissioner exceeded powers.