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South Africa decisions
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Lombard Finance (Pty) Ltd and Another v Mallach NO (13574/08) [2013] ZAWCHC 30 (26 February 2013)
High Court claim over oral loans and a disputed share transfer: repayment with interest was ordered, but the share-transfer claim failed.
Ticktin Timbers CC v Commissioner for Inland Revenue (443/97) [1999] ZASCA 59; [1999] 4 All SA 192 (A) (10 September 1999)
The Supreme Court of Appeal held that the interest paid by the close corporation to its sole member was not incurred in the production of the corporation's income but rather to facilitate a distribution to the member. The court found that the loan and the distribution were interdependent transactions, structured to enable the member to pay personal debts. The liability for interest was not necessary for the corporation's income-producing activities, and the deduction was therefore prohibited by section 23(g) of the Income Tax Act. The court distinguished between loans genuinely required for b…
Source excerpt
Commissioner for Inland Revenue v Giuseppe Brollo Properties (Pty) Ltd. (392/92) [1993] ZASCA 197; 1994 (2) SA 147 (AD); (1 December 1993)
South Africa’s Appellate Division held that interest on a loan account created to discharge a dividend debt was not deductible under section 11(a).
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