South Africa Case Law

Commissioner for Inland Revenue v Guardian Assurance Company South Africa Ltd. (301/1989)

Commissioner for Inland Revenue v Guardian Assurance Company South Africa Ltd. (301/1989) [1991] ZASCA 32; 1991 (3) SA 1 (AD); [1991] 2 All SA 193 (A) (26 March 1991)

Court

Supreme Court of Appeal

Case number

301/1989

Judges

Corbett, Nestadt, Kumleben, Preiss, Krieger

The court held that profits from GASA’s share sales were capital, not income, because the portfolio was a long-term investment managed conservatively for dividends.

• Income Tax Assessment
• Capital Vs Revenue Distinction
• Share Disposals
• Investment Trusts
• Onus Of Proof
• Corporate Restructuring