| 10/2/2012 |
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| Board of Special Commissioners - Cases |
| Case No. 19/57 |
Decided: 24 September, 1958 |
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Powers of the Board to fix profits at its discretion whilst ignoring the taxpayer's trade books - article 57(4) Income Tax Act, now 35(4), Income Tax Management Act
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Revenue had not accepted the extremely low profits declared by appellant and raised best of judgment assessments. The relative objection was refused and the taxpayer lodged his appeal.
The Board essentially agreed with the Commissioner that the records were not satisfactory and proceeded to raise its own assessment by calculating profits at a percentage on turnover.
An appeal was entered before the Court from this decision (see case no. 22). The appeal was declared invalid as the Board's conclusions were points of fact.
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