Read the full judgment text of HCIA 000002/1967 on BabelCite. This HCIA judgment was delivered on 29 January 1968.
2. The Board of Review confirmed the determination of the Commissioner of Inland Revenue that the appellant company (the tax-payers) did not cease to trade prior to the year of assessment 1965/6 for the purposes of computation of profits tax. The importance of this determination was, of course, that under s.18(5) of the Inland Revenue Ordinance the assessable profits are computed on the amount of profits made during periods which are related to the date of cessation of trade. It is manifest that