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South Africa Case Law

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Tax Law [2022] ZATC 7

Taxpayer A v Commissioner for the South African Revenue Services (IT 25042)

Taxpayer A v Commissioner for the South African Revenue Services (IT 25042) [2022] ZATC 7; 85 SATC 246 (14 July 2022)

Court
Tax Court
Case number
IT 25042
Judges
Molitsoane, Liebenberg, Mathibela

The court found that the finance charges (raising fees, debt origination fees, structuring fees) incurred by the appellant in connection with loans for property development and investment were closely connected to the obtaining of the loans and the production of income. These charges formed part of the total cost of borrowing and were inextricably linked to the interest payable under the loan agreements. The court held that, under section 24J of the Income Tax Act as it stood prior to the 2017 amendment, such finance charges constituted 'related finance charges' and were deductible. The court…

Source excerpt

  • Income Tax Deductions
  • Interest And Finance Charges
  • Understatement Penalty
  • Retrospective Application Of Statutes
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Tax Law [2011] ZASCA 233

Commissioner for South African Revenue Services v South African Custodial Services (Pty) Ltd (131/2011)

Commissioner for South African Revenue Services v South African Custodial Services (Pty) Ltd (131/2011) [2011] ZASCA 233; 2012 (1) SA 522 (SCA); [2012] 2 All SA 237 (SCA); 74 SATC 61; (30 November 2011)

Court
Supreme Court of Appeal
Case number
131/2011
Judges
Brand, Maya, Cachalia, Mhlantla, Plasket

The Supreme Court of Appeal held that the letter of 4 May 2007 constituted a revised assessment, and therefore the assessment for the 2002 year of assessment had not become final under section 79A(2) of the Income Tax Act. The respondent, South African Custodial Services (Pty) Ltd, was not entitled to deduct the cost of constructing and equipping the prison under section 22(2A) and section 11(a), as it did not itself effect improvements or deliver materials to the State's property; these expenses were incurred by the sub-contractor, CGM, which acted as an independent contractor and not as an…

Source excerpt

  • Income Tax Act
  • Deductibility Of Expenditure
  • Finality Of Tax Assessment
  • Trading Stock
  • Interest And Finance Charges
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About this LexChat collection

South Africa decisions are organised by court, judge, legal area and indexed issue so a practitioner can move from a proposition to a citable authority with the surrounding context intact.

Source links and collection timestamps are retained alongside the indexed records.