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South Africa decisions
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ABC (Pty) Ltd v Commissioner for the South African Revenue Service (IT 13164) [2016] ZATC 13 (7 September 2016)
The Tax Court held that section 103(2) of the Income Tax Act did not apply because the share acquisition had genuine commercial substance and the assessed losses could be set off.
DS v Commissioner For SARS (13238 & 13164/2008) [2014] ZATC 5; 77 SATC 175 (8 December 2014)
The court held that the Commissioner’s satisfaction, as expressed in the assessment letter of 30 November 2010 and the subsequent disallowance letter, was based solely on the first change in shareholding (March 2003) and not on the second change (November 2003). The Commissioner cannot amend his grounds of assessment to rely on matters on which he was not satisfied at the time of issuing the assessment. The jurisdictional fact for the exercise of the Commissioner’s power under s 103(2) is his satisfaction at the time of assessment, and he must stand or fall by those reasons. The application t…
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Commissioner for the South African Revenue Services v Megs Investments (Pty) Ltd and Another (034/03) [2004] ZASCA 30; [2005] 4 All SA 169 (SCA); 2005 (4) SA 328 (SCA); 66 SATC 175 (31 March 2004)
The respondents failed to establish that the interest income earned during the 1996 tax year was income derived from carrying on a trade as contemplated by section 20(1) of the Income Tax Act. Their activities in seeking new business opportunities did not amount to active trading, and their investment of the proceeds from the sale of their business was not conducted in the course of an investment company trade. The evidence showed that the respondents intended to pursue similar business ventures, but no contracts were concluded, no organization was established, and no income was earned from t…
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Conshu (Pty) Ltd v Commissioner for Inland Revenue (437/92) [1994] ZASCA 104; 1994 (4) SA 603 (AD); [1994] 2 All SA 501 (A) (2 September 1994)
The court held that section 103(2) of the Income Tax Act could be applied in 1986, even though it had not been applied in the year the avoidance agreement was made.
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