Read the full judgment text of CACV 000204/1994 on BabelCite. This Court of Appeal judgment was delivered on 13 December 1995.
1. This is an appeal against Patrick Chan J's judgment dated 30 September 1994 whereby he dismissed Wharf Properties Limited's appeal against the determination of the Commissioner of Inland Revenue in respect of profits tax assessments for two years of assessment: 1987/88 and 1988/89. The appeal is focused upon only one point: Whether the appellant was, in respect of those two years of assessment, entitled to deduct as an outgoing or expense the substantial interest payments made by it to banks