Read the full judgment text of HCIA 000003/1967 on BabelCite. This HCIA judgment was delivered on 13 January 1968.
1. This is an appeal from a decision of the Board of Review, brought by the Commissioner of Inland Revenue by way of case stated under s.69 of the Inland Revenue Ordinance (Cap.112). The taxpayer respondent is Montana Lands Ltd., i.e. a company incorporated in Hong Kong. The case concerns the profits of its trade or business, namely the construction of flats in multi-storied buildings and the disposal of those flats by way of sale. The whole question is whether, in the case of such of the flats