Werklike Aantreklike Beleggings (Edms) Bpk. v Kommissaris van Binnelandse Inkomste (24/88)
Werklike Aantreklike Beleggings (Edms) Bpk. v Kommissaris van Binnelandse Inkomste (24/88) [1988] ZASCA 24 (28 March 1988)
The court held that the appellant failed to discharge the burden of proof that the profit from the expropriation and sale of the property was of a capital nature. The evidence, including the timing of the acquisition, the actions taken to enhance the value of the property, and the subsequent sale at a substantial profit, indicated that the transaction formed part of a scheme for profit-making. The court found the testimony of de Bruin unreliable and uncorroborated, and the supporting affidavit from Bramley insufficient to overcome the strong inference of a profit-making intention. Accordingly…
Source excerpt
- Income Vs Capital Gain
- Burden Of Proof
- Realisation Of Assets
- Scheme For Profit Making