Read the full judgment text of HCIA 000002/2000 on BabelCite. This HCIA judgment was delivered on 6 February 2001.
1. By a determination dated 21 April 1997, the Commissioner for Inland Revenue ("the Commissioner") ordered the Hong Kong Oxygen & Acetylene Company Limited ("the Taxpayer") to pay profits tax on two sums of $90,000,000 each in respect of the Taxpayer's profits tax assessment for the years of 1993/94 and 1994/95. These two sums were received by the Taxpayer as the "Initial Payment" in the respective years of assessment. The Initial Payment was received by the Taxpayer pursuant to a joint venture