28 Sept 1982
THE COMMISSIONER OF INLAND REVENUE v. LO AND LO, A FIRM
- Citation
- THE COMMISSIONER OF INLAND REVENUE v. LO AND LO, A FIRM
- Court
- Court of Appeal
- Case number
- CACV48/1982
The Court held the $770,000 constituted an expense 'incurred' within s.16(1) because the firm had assumed a liability under its employment terms; the claimed figure was accepted as sufficiently accurate on the material before the court, and therefore the deduction was allowable; appeal dismissed.