24 Jul 2007
HIT FINANCE LTD v. COMMISSIONER OF INLAND REVENUE
- Citation
- HIT FINANCE LTD v. COMMISSIONER OF INLAND REVENUE
- Court
- Court of First Instance
- Case number
- HCIA14/2005
Because the Board's decision was fundamentally vitiated by an unsustainable finding that there was 'no real money', this court could not determine how the Board would decide absent that finding; accordingly the proper course was to remit both matters to the Board of Review for reconsideration in light of this court's judgment and answers to the questions on the case stated. The Board may receive further evidence only insofar as it relates to issues arising from the case stated and answers, and rehearing de novo is allowed only in very exceptional circumstances. Taxpayers were granted leave to…