Read the full judgment text of HCIA 000003/1979 on BabelCite. This HCIA judgment was delivered on 10 September 1980.
1. This is an appeal by the Commissioner of Inland Revenue against the decision of the Board of Review allowing the appeal of the respondent company whereby it was held that losses arising out of the conversion of the latter's trading receipts from United States dollars into Hong Kong currency were deductible for the purposes of profits tax assessed under the Inland Revenue Ordinance, Cap. 112. In the case stated by the Board of Review for the purpose of this appeal the facts agreed by the parti