Read the full judgment text of HCIA 1/1972 on BabelCite. This HCIA judgment.
1. This is an appeal by the Commissioner of Inland Revenue by way of Case Stated from a decision of a Board of Review on an appeal against the confirmation by the Commissioner of an assessment of corporation profits tax. The facts found were that the respondent bank carried on business in the Colony. It was not an authorised exchange bank and it had no branch or office outside the Colony. There was a “necessity for the bank to acquire foreign currency in the operation of its business”. For what