Read the full judgment text of HCIA 000007/2001 on BabelCite. This HCIA judgment was delivered on 26 November 2002.
1. The appellant and one Italy Land Investment Limited ("Italy Land") were at all material times one of the two joint owners of Ground Floor, Wayson Commercial House, 68-70 Lockhart Road, Wanchai, Hong Kong ("the Property"). On 1 May 1994, the Property was sold at HK$17,500,000. In its profits tax return for the year 1995/96, the appellant only declared the assessable profits as HK$725,784, and sought to exclude HK$6,682,000, the profits derived from disposal of the Property, as capital gain. Bu
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