4 Sept 1990
BEAUTILAND Co. LTD. v. COMMISSIONER OF INLAND REVENUE
- Citation
- BEAUTILAND Co. LTD. v. COMMISSIONER OF INLAND REVENUE
- Court
- Court of Appeal
- Case number
- CACV202/1989
On the facts found by the Board of Review there was sufficient evidence to conclude Beautiland acquired the Rostock shares with an intention to turn them to profitable account (i.e. as trading stock); the date of acquisition is the relevant date for assessing intention and valuation for tax; the Board was entitled to apply the badges of trade and to characterize the transaction as an adventure in the nature of trade.