Read the full judgment text of CACV 000032/1989 on BabelCite. This Court of Appeal judgment.
1. On 3rd May 1984, the taxpayer, Aspiration Land Investment Limited, a private company incorporated in Hong Kong, objected, under section 64(1) of the Inland Revenue Ordinance, Cap.112, to the profits tax assessment raised upon it for the year of assessment 1980/81. The assessor had, on 27th April 1984, decided that tax was payable in the amount of $56,894,432 on assessable profits of $344,814,745. The taxpayer has all along claimed that the $344.8 million profit which was derived from the sale