{\rtf1\adeflang1025\ansi\ansicpg1252\uc1\adeff0\deff0\stshfdbch0\stshfloch0\stshfhich0\stshfbi0\deflang1033\deflangfe1033\themelang1033\themelangfe0\themelangcs0{\fonttbl{\f0\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman{\*\falt Times New Roman};}
{\f34\fbidi \froman\fcharset0\fprq2{\*\panose 02040503050406030204}Cambria Math;}{\flomajor\f31500\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman{\*\falt Times New Roman};}
{\fdbmajor\f31501\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman{\*\falt Times New Roman};}{\fhimajor\f31502\fbidi \froman\fcharset0\fprq2{\*\panose 02040503050406030204}Cambria;}
{\fbimajor\f31503\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman{\*\falt Times New Roman};}{\flominor\f31504\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman{\*\falt Times New Roman};}
{\fdbminor\f31505\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman{\*\falt Times New Roman};}{\fhiminor\f31506\fbidi \fswiss\fcharset0\fprq2{\*\panose 020f0502020204030204}Calibri;}
{\fbiminor\f31507\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman{\*\falt Times New Roman};}{\f336\fbidi \froman\fcharset238\fprq2 Times New Roman CE{\*\falt Times New Roman};}
{\f337\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr{\*\falt Times New Roman};}{\f339\fbidi \froman\fcharset161\fprq2 Times New Roman Greek{\*\falt Times New Roman};}
{\f340\fbidi \froman\fcharset162\fprq2 Times New Roman Tur{\*\falt Times New Roman};}{\f341\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew){\*\falt Times New Roman};}
{\f342\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic){\*\falt Times New Roman};}{\f343\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic{\*\falt Times New Roman};}
{\f344\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese){\*\falt Times New Roman};}{\f676\fbidi \froman\fcharset238\fprq2 Cambria Math CE;}{\f677\fbidi \froman\fcharset204\fprq2 Cambria Math Cyr;}
{\f679\fbidi \froman\fcharset161\fprq2 Cambria Math Greek;}{\f680\fbidi \froman\fcharset162\fprq2 Cambria Math Tur;}{\f683\fbidi \froman\fcharset186\fprq2 Cambria Math Baltic;}{\f684\fbidi \froman\fcharset163\fprq2 Cambria Math (Vietnamese);}
{\flomajor\f31508\fbidi \froman\fcharset238\fprq2 Times New Roman CE{\*\falt Times New Roman};}{\flomajor\f31509\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr{\*\falt Times New Roman};}
{\flomajor\f31511\fbidi \froman\fcharset161\fprq2 Times New Roman Greek{\*\falt Times New Roman};}{\flomajor\f31512\fbidi \froman\fcharset162\fprq2 Times New Roman Tur{\*\falt Times New Roman};}
{\flomajor\f31513\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew){\*\falt Times New Roman};}{\flomajor\f31514\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic){\*\falt Times New Roman};}
{\flomajor\f31515\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic{\*\falt Times New Roman};}{\flomajor\f31516\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese){\*\falt Times New Roman};}
{\fdbmajor\f31518\fbidi \froman\fcharset238\fprq2 Times New Roman CE{\*\falt Times New Roman};}{\fdbmajor\f31519\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr{\*\falt Times New Roman};}
{\fdbmajor\f31521\fbidi \froman\fcharset161\fprq2 Times New Roman Greek{\*\falt Times New Roman};}{\fdbmajor\f31522\fbidi \froman\fcharset162\fprq2 Times New Roman Tur{\*\falt Times New Roman};}
{\fdbmajor\f31523\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew){\*\falt Times New Roman};}{\fdbmajor\f31524\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic){\*\falt Times New Roman};}
{\fdbmajor\f31525\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic{\*\falt Times New Roman};}{\fdbmajor\f31526\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese){\*\falt Times New Roman};}
{\fhimajor\f31528\fbidi \froman\fcharset238\fprq2 Cambria CE;}{\fhimajor\f31529\fbidi \froman\fcharset204\fprq2 Cambria Cyr;}{\fhimajor\f31531\fbidi \froman\fcharset161\fprq2 Cambria Greek;}{\fhimajor\f31532\fbidi \froman\fcharset162\fprq2 Cambria Tur;}
{\fhimajor\f31535\fbidi \froman\fcharset186\fprq2 Cambria Baltic;}{\fhimajor\f31536\fbidi \froman\fcharset163\fprq2 Cambria (Vietnamese);}{\fbimajor\f31538\fbidi \froman\fcharset238\fprq2 Times New Roman CE{\*\falt Times New Roman};}
{\fbimajor\f31539\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr{\*\falt Times New Roman};}{\fbimajor\f31541\fbidi \froman\fcharset161\fprq2 Times New Roman Greek{\*\falt Times New Roman};}
{\fbimajor\f31542\fbidi \froman\fcharset162\fprq2 Times New Roman Tur{\*\falt Times New Roman};}{\fbimajor\f31543\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew){\*\falt Times New Roman};}
{\fbimajor\f31544\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic){\*\falt Times New Roman};}{\fbimajor\f31545\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic{\*\falt Times New Roman};}
{\fbimajor\f31546\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese){\*\falt Times New Roman};}{\flominor\f31548\fbidi \froman\fcharset238\fprq2 Times New Roman CE{\*\falt Times New Roman};}
{\flominor\f31549\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr{\*\falt Times New Roman};}{\flominor\f31551\fbidi \froman\fcharset161\fprq2 Times New Roman Greek{\*\falt Times New Roman};}
{\flominor\f31552\fbidi \froman\fcharset162\fprq2 Times New Roman Tur{\*\falt Times New Roman};}{\flominor\f31553\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew){\*\falt Times New Roman};}
{\flominor\f31554\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic){\*\falt Times New Roman};}{\flominor\f31555\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic{\*\falt Times New Roman};}
{\flominor\f31556\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese){\*\falt Times New Roman};}{\fdbminor\f31558\fbidi \froman\fcharset238\fprq2 Times New Roman CE{\*\falt Times New Roman};}
{\fdbminor\f31559\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr{\*\falt Times New Roman};}{\fdbminor\f31561\fbidi \froman\fcharset161\fprq2 Times New Roman Greek{\*\falt Times New Roman};}
{\fdbminor\f31562\fbidi \froman\fcharset162\fprq2 Times New Roman Tur{\*\falt Times New Roman};}{\fdbminor\f31563\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew){\*\falt Times New Roman};}
{\fdbminor\f31564\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic){\*\falt Times New Roman};}{\fdbminor\f31565\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic{\*\falt Times New Roman};}
{\fdbminor\f31566\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese){\*\falt Times New Roman};}{\fhiminor\f31568\fbidi \fswiss\fcharset238\fprq2 Calibri CE;}{\fhiminor\f31569\fbidi \fswiss\fcharset204\fprq2 Calibri Cyr;}
{\fhiminor\f31571\fbidi \fswiss\fcharset161\fprq2 Calibri Greek;}{\fhiminor\f31572\fbidi \fswiss\fcharset162\fprq2 Calibri Tur;}{\fhiminor\f31575\fbidi \fswiss\fcharset186\fprq2 Calibri Baltic;}
{\fhiminor\f31576\fbidi \fswiss\fcharset163\fprq2 Calibri (Vietnamese);}{\fbiminor\f31578\fbidi \froman\fcharset238\fprq2 Times New Roman CE{\*\falt Times New Roman};}
{\fbiminor\f31579\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr{\*\falt Times New Roman};}{\fbiminor\f31581\fbidi \froman\fcharset161\fprq2 Times New Roman Greek{\*\falt Times New Roman};}
{\fbiminor\f31582\fbidi \froman\fcharset162\fprq2 Times New Roman Tur{\*\falt Times New Roman};}{\fbiminor\f31583\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew){\*\falt Times New Roman};}
{\fbiminor\f31584\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic){\*\falt Times New Roman};}{\fbiminor\f31585\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic{\*\falt Times New Roman};}
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\levelindent0{\leveltext\leveltemplateid67698713\'02\'01.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-360\li2520\jclisttab\tx2520\lin2520 }{\listlevel\levelnfc2\levelnfcn2\leveljc2\leveljcn2\levelfollow0\levelstartat1\levelspace0
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\levelindent0{\leveltext\leveltemplateid67698703\'02\'03.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-360\li3960\jclisttab\tx3960\lin3960 }{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1\levelspace0
\levelindent0{\leveltext\leveltemplateid67698713\'02\'04.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-360\li4680\jclisttab\tx4680\lin4680 }{\listlevel\levelnfc2\levelnfcn2\leveljc2\leveljcn2\levelfollow0\levelstartat1\levelspace0
\levelindent0{\leveltext\leveltemplateid67698715\'02\'05.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-180\li5400\jclisttab\tx5400\lin5400 }{\listlevel\levelnfc0\levelnfcn0\leveljc0\leveljcn0\levelfollow0\levelstartat1\levelspace0
\levelindent0{\leveltext\leveltemplateid67698703\'02\'06.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-360\li6120\jclisttab\tx6120\lin6120 }{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1\levelspace0
\levelindent0{\leveltext\leveltemplateid67698713\'02\'07.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-360\li6840\jclisttab\tx6840\lin6840 }{\listlevel\levelnfc2\levelnfcn2\leveljc2\leveljcn2\levelfollow0\levelstartat1\levelspace0
\levelindent0{\leveltext\leveltemplateid67698715\'02\'08.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-180\li7560\jclisttab\tx7560\lin7560 }{\listname ;}\listid1828592668}{\list\listtemplateid652112564\listhybrid{\listlevel
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{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1\levelspace0\levelindent0{\leveltext\leveltemplateid67698713\'02\'01.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-360\li2232\jclisttab\tx2232\lin2232 }
{\listlevel\levelnfc2\levelnfcn2\leveljc2\leveljcn2\levelfollow0\levelstartat1\levelspace0\levelindent0{\leveltext\leveltemplateid67698715\'02\'02.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-180\li2952\jclisttab\tx2952\lin2952 }
{\listlevel\levelnfc0\levelnfcn0\leveljc0\leveljcn0\levelfollow0\levelstartat1\levelspace0\levelindent0{\leveltext\leveltemplateid67698703\'02\'03.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-360\li3672\jclisttab\tx3672\lin3672 }
{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1\levelspace0\levelindent0{\leveltext\leveltemplateid67698713\'02\'04.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-360\li4392\jclisttab\tx4392\lin4392 }
{\listlevel\levelnfc2\levelnfcn2\leveljc2\leveljcn2\levelfollow0\levelstartat1\levelspace0\levelindent0{\leveltext\leveltemplateid67698715\'02\'05.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-180\li5112\jclisttab\tx5112\lin5112 }
{\listlevel\levelnfc0\levelnfcn0\leveljc0\leveljcn0\levelfollow0\levelstartat1\levelspace0\levelindent0{\leveltext\leveltemplateid67698703\'02\'06.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-360\li5832\jclisttab\tx5832\lin5832 }
{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1\levelspace0\levelindent0{\leveltext\leveltemplateid67698713\'02\'07.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-360\li6552\jclisttab\tx6552\lin6552 }
{\listlevel\levelnfc2\levelnfcn2\leveljc2\leveljcn2\levelfollow0\levelstartat1\levelspace0\levelindent0{\leveltext\leveltemplateid67698715\'02\'08.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-180\li7272\jclisttab\tx7272\lin7272 }
{\listname ;}\listid2056661373}}{\*\listoverridetable{\listoverride\listid597831169\listoverridecount0\ls1}{\listoverride\listid1828592668\listoverridecount0\ls2}{\listoverride\listid919674999\listoverridecount0\ls3}{\listoverride\listid673342575
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{\*\wgrffmtfilter 2450}\ilfomacatclnup0\ltrpar \sectd \ltrsect\psz9\linex0\sectlinegrid272\sectdefaultcl\sectrsid11545673\sftnbj {\*\pnseclvl1\pnucrm\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl2\pnucltr\pnstart1\pnindent720\pnhang {\pntxta .}}
{\*\pnseclvl3\pndec\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl4\pnlcltr\pnstart1\pnindent720\pnhang {\pntxta )}}{\*\pnseclvl5\pndec\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl6\pnlcltr\pnstart1\pnindent720\pnhang {\pntxtb (}
{\pntxta )}}{\*\pnseclvl7\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl8\pnlcltr\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl9\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}\pard\plain \ltrpar
\qr \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid2456984 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs20\lang1033\langfe5129\cgrid\langnp1033\langfenp5129 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid2456984\charrsid11545673 [1990] 36 FLR 209}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid15352400\charrsid11545673 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid2456984\charrsid11545673 
\par }\pard \ltrpar\qc \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \ab\af0\afs24 \ltrch\fcs0 \b\fs24\lang2057\langfe5129\langnp2057\insrsid11545673 COURT OF APPEAL OF FIJI
\par 
\par }{\rtlch\fcs1 \ab\af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid11545673\charrsid11545673 Civil Jurisdiction
\par }{\rtlch\fcs1 \ab\af0\afs24 \ltrch\fcs0 \b\fs24\lang2057\langfe5129\langnp2057\insrsid11545673 
\par }{\rtlch\fcs1 \ab\af0\afs24 \ltrch\fcs0 \b\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 THE COMMISSIONER OF INLAND REVENUE}{\rtlch\fcs1 \ab\af0\afs24 \ltrch\fcs0 
\b\fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid15352400\charrsid11545673 
\par }\pard \ltrpar\qc \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673 v
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid15352400\charrsid11545673 
\par }\pard \ltrpar\qc \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \ab\af0\afs24 \ltrch\fcs0 \b\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 PACIFIC MERCANTILE LIMITED
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid15352400\charrsid11545673 
\par }\pard \ltrpar\qc \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 Tuivaga P, Tikaram JA, Palmer J}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid11545673 
\par 
\par 20 March 1990}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673 
\par }{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 Income Tax}{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe5129\langnp2057\insrsid14842090\charrsid11545673  }{\rtlch\fcs1 
\ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673 -}{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  whether a transaction was one of a series}{
\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe5129\langnp2057\insrsid14842090\charrsid11545673  }{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673 -}{\rtlch\fcs1 \ai\af0\afs24 
\ltrch\fcs0 \i\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  whether in the nature o f trade or business}{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe5129\langnp2057\insrsid14842090\charrsid11545673  }{\rtlch\fcs1 
\ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673 -}{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  set}{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 
\i\fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673 -}{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 off of losses}{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 
\i\fs24\lang2057\langfe5129\langnp2057\insrsid14842090\charrsid11545673  }{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673 -}{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 
\i\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  whether losses must first be set off against non}{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673 -}{\rtlch\fcs1 
\ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 taxable profits}{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673 -}{\rtlch\fcs1 \ai\af0\afs24 
\ltrch\fcs0 \i\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 Income Tax Act (Cap 201) Sections 11 (1) (a), 22 (1) (a) & 22 (1) (b).}{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 
\i\fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid15295202\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673 C}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 ertain 
receivables became vested in the Respondent. Their increase in value was held by the Appellant to be assessable for tax. On appeal the Court of Appeal upheld the Supreme (now High) Court}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 s judgment that the transaction, on the facts, was neither one of a s
eries nor in the nature of trade or business and, interpreting Section 22 (1) (a) of the Act }{\rtlch\fcs1 \ab\af0\afs24 \ltrch\fcs0 \b\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 HELD:}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  losses in respect of transactions which, had they been profitable would be liable to tax are not first to be set off against tax exempt income.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid15295202\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 Cases cited:
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid15295202\charrsid11545673 
\par }{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 Federal Commissioner of Taxation }{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 
\i\fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673 v}{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe5129\langnp2057\insrsid10574382\charrsid11545673  Whitfords Beach Pt}{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 
\i\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 y Ltd }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 150 CLR 355}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673 
\par }{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 McClelland v Federal Commissioner of Taxation }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 120 CLR 487
\par }{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 Petrotim Securities v Ayre}{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe5129\langnp2057\insrsid10574382\charrsid11545673 s}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  [1964]}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673  1 All ER 269; [1964] 1 WLR 190

\par }{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673 Sharkey v Werner}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 [1956] AC 58
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673 
\par }{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 M.A. Khan }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 for the Appellant}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673 
\par }{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 K Handley QC & J. G. Singh }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
for the Respondent
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid10759280 {\rtlch\fcs1 \ab\af0\afs24 \ltrch\fcs0 \b\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 Judgment of the Court:}{\rtlch\fcs1 
\ab\af0\afs24 \ltrch\fcs0 \b\fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 This appeal arises from assessment to Income Tax of the Respondent in respect of the Respondent}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 s return }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid16669843\charrsid11545673 of income for the year ended 31}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\super\langnp2057\insrsid16669843\charrsid11545673 st}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid16669843\charrsid11545673  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 January 1979. The assessment 
was issued in January 1983. The assessment was followed by an objection on the part of the Respondent taxpayer and that objection was in due course dismissed by the Appellant. That was in turn followed by an appeal, by the Respondent to the Court of Revie
w, which dismissed the appeal in respect of one matter but allowed it in respect of another. Both parties then appealed to the Supreme Court (now known as High Court) which dismissed the present Appellant}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 s appeal and allowed the present Respondent}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 s appeal
. The present Appellant is now appealing to this Court against both parts of the Supreme Court Judgment seeking an Order in lieu thereof in favour of the Appellant upon all issues adjudicated upon in the Supreme Court and the Court of Review, on}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid16669843\charrsid11545673  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 three grou
nds. The first two grounds of appeal refer to what has been described in the proceedings as a book }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid16669843\charrsid11545673 debt acquired by the Respondent.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid10759280\charrsid11545673 
\par They are as follows 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid16669843\charrsid11545673 
\par }\pard \ltrpar\ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid16669843\charrsid11545673 (i) }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
That the Learned Supreme Court Judge erred in law in holding that the profit or gain derived by the Respondent from sale of a certain debt, described as a }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 Trois Receivable}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
, was not chargeable to tax under section 11 (a) of the Income Tax Act as a profit or, gain from sale or disposition or personal property acquired for the purpose or selling or otherwise d}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid10759280\charrsid11545673 isposing of the ownership of it;}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid15935654\charrsid11545673 
\par }\pard \ltrpar\ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 (ii)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 That the Learned Supreme Court Judge erred in }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid16669843\charrsid11545673 law in applying to the facts of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
the case before him and to the resolution of the issue of taxability of profits or gains from sale of the above}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 described debt the exceptional principle in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\ul\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 Sharkey v. Werner}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673  1956 AC 58, as expanded in [}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
1956] AC 58, as expanded in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\ul\lang2057\langfe5129\langnp2057\insrsid10574382\charrsid11545673 Petrotim Securities v. Ayr}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 e}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\ul\lang2057\langfe5129\langnp2057\insrsid10574382\charrsid11545673 s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid16669843\charrsid11545673 [}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 1964] 1 All ER 269, [1964] 1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
 WLR 190, such principle being wholly inapposite to the facts of the instant case in view of realisable market value of the relevant debt being unascertainable;}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid16669843\charrsid11545673 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid16669843\charrsid11545673 
\par Th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 e factual history of that matter which is not in dispute may be conveniently summarised as follows:}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid16669843\charrsid11545673 
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 The Respondent was at all material times a subsidiary of Stinson Pearce Holdings. In 197
8 there was a transaction between Soqulu Plantation Limited which we shall called }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 Soqulu}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  and a Hong Kong }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid10574382\charrsid11545673 Company called Trois Investment}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid10759280\charrsid11545673 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  Limited, which we shall called }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 Trois}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
 The transaction was that Soqulu who were in some financial difficulties arranged to sell certain lands at Taveuni to Trois, the purchase price to be paid over a period of six years. Soqulu having need o}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid10574382\charrsid11545673 f the money immediately however,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  Trois borrowed money
 from Barclays Bank International for the purpose of paying Soqulu forthwith. The result of various transactions involved to bring about this result was that Stinson Pearce Holdings Limited borrowed money from the National Bank of Fiji which they utilised
 by passing it over to the Respondent who in turn paid out Barclays Bank. Thereupon the Trois receivables became vested in the Respondent. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid16134752\charrsid11545673 
As the result of the various transactions, Trois receivables in the hands of the Respondent had experienced an increase in value of $F602231. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
That increase in value was designated by the Appellant as a profit and accordingly tax was assessed thereon.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid16669843\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid16134752\charrsid11545673 As already mentioned, following an unsuccessful objection to the Commissioner, the Respondent took that part of the assess
ment to the Court of Review, which held that the amount of the value increase was not assessable for tax. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid4588635\charrsid11545673 
The present Appellant appealed to the Supreme Court against the allowance of the Respondents appeal to the Court of Review. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
\par }\pard \ltrpar\qj \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid32477\charrsid11545673 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 The proviso to Section }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid32477\charrsid11545673 1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 1(a) }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid10574382\charrsid11545673 of the Income Tax Act (Cap. 20)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid13238756\charrsid11545673  1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  is relevant to this appeal and reads as follows:}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid32477\charrsid11545673 
\par 
\par }\pard \ltrpar\ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 Provided that, without in any way affecting the generality of this section, total income, for the purpose of this Act, shall include }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid32477\charrsid11545673 -
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid32477\charrsid11545673 
\par }\pard \ltrpar\ql \li1440\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin1440\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 (a) }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 any profit or gain accrued
 or derived from sale or other disposition of any real or personal property or any interest therein, if the business of the taxpayer comprises dealing in such property, or if the property was acquired for the purpose of selling or otherwise disposing of t
h
e ownership of it, and any profit or gain derived from the carrying on or carrying out of any undertaking or scheme entered into or devised for the purpose of making a profit; but nevertheless, the profit or gain derived from a transaction or purchase and
 sale which does not form part of a series of transactions and which is not in itself in the nature of trade or business shall be excluded.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid32477\charrsid11545673 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid32477\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 In the Supreme Court the present Appellant contended that the Court of Review had erred in holding that the profit w
as not assessable as a profit or gain from sale of property acquired for the purpose of selling or otherwise disposing of it. Kermode J, in the Supreme Court held that the Court of Review had not erred in so holding and dismissed the present Appellant}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 s appeal on that ground.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid5205796\charrsid11545673 
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 There is no contest as to the findings of fact in the present case, nor can there be in view of the provisions of the Fiji}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673  Court of Appeal Act Section 12}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 (1)(c). It i
s common ground that the Trois receivables constitute a book debt and that the transactions of purchase and sale of the same did not form part of a series of transactions but was an isolated transaction. Kermode J, also found that the transaction was not 
in the nature of trade or business.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid5205796\charrsid11545673 
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid16134752\charrsid11545673 As pointed out by Kermode J. the proviso in Section 11 (a) contains three limbs, which are}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid5205796\charrsid11545673 
\par }\pard \ltrpar\ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid5205796\charrsid11545673 (1) }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 that it was a business profit or gain from a dealing in property}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid10574382\charrsid11545673 .}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid5205796\charrsid11545673 
\par }\pard \ltrpar\ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 (2)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 that it was a profit or gain from sale of prope}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid5205796\charrsid11545673 rty acquired for the purpose of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 selling or otherwise disposing of it.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid5205796\charrsid11545673 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid5205796\charrsid11545673 
\par }\pard \ltrpar\ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid10574382 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid5205796\charrsid11545673 (3) }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 that it was a profit or gain derived from the carrying out of any undertaking or scheme entered into or devised for the purpose of making a profit.
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid5205796\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 In his appeal to the Supreme Court the present Appellant confined himself to the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid2898617\charrsid11545673 submission that the amount in question was assessable under No. 2 above. It is }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
common ground that it was intended to sell the debt to Stinson Pearce after its acquisition from Barclay}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 s bank. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid16134752\charrsid11545673 However, that i
s not the end of the matter; it is necessary to look at the proviso contained in the last part of Section 11 (a). }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
Kermode J. found that it was common ground that the transaction did not form part of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid2898617\charrsid11545673  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 the series of transaction, so the alleged profit is never
theless to be excluded unless the transaction is in itself in the nature of trade or business, see the last words of Section 11 (a).
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid2898617\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 We have been referred to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\ul\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
McClelland v Federal Commissioner of Taxation}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  120 CLR 487 in which the Privy Council considered}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid10574382\charrsid11545673  an appeal from the High Court of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
 Australia. It there considered Section 26(a) of the Australian Income Tax Acts and it has been submitted that that Section is similar to the Fiji Section 11(a). }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid14381914\charrsid11545673 In point of fact it is not on all fours with Section 11(a) because it does not: contain the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid10574382\charrsid11545673 proviso at the end of Section 1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid14381914\charrsid11545673 1(a). }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 However on pages 494, 495 bid the Privy Council expresses the view that an undertaking or scheme as mentioned in the section, to 
produce the result of rendering a single transaction is producing assessable income, must exhibit featur}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid13238756\charrsid11545673 es which give it the character of }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 a business deal, although the word }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 '}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 business}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 '}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  does not appear in the Australian Section 26(a). }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid13247157\charrsid11545673 
As already noticed that notion is in Fiji incorporated in the Section itself it is clear that in the present case if profit making was a purpose in the acquisition and sale of the Trois receivables at all it}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid10574382\charrsid11545673  was not the dominant purpose, }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid13247157\charrsid11545673 see }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid13247157\charrsid11545673 Federal Commissioner of Taxation v Whitfords Beach Party Limited}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid13247157\charrsid11545673 
 150 CLR 355 at 381.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid2898617\charrsid11545673 
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid16134752\charrsid11545673 Kermode J. referred to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\ul\lang2057\langfe5129\langnp2057\insrsid16134752\charrsid11545673 
Petrotim Securities Ltd v. Ayres}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid16134752\charrsid11545673  [1964] 1 WLR 190. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 In }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid2898617\charrsid11545673 t}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 he second ground of appeal the Appellant submits that Kermode J erred in law }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid10574382\charrsid11545673 i
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 n applying Petrotim Securities to the facts of the present case on the grounds hat the realisable market value of the relevant}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid10574382\charrsid11545673  debt is unascertainable. Lord D}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
enning MR on page 193 ibid said}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid10574382\charrsid11545673 :}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid2898617\charrsid11545673 
\par 
\par }\pard \ltrpar\ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 It seems to me that when there is a sale at a gross under value by one associated company to another the Commissio
ners are entitled to find that it is not a transaction made in the course of trade. Whoever would suppose that any trader in his right senses would enter into transactions of this kind? That he would sell at a gross under value were}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
it not that he had in mind some benefit out of making a loss?....}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 Such a transaction is so outside the ordinary course of business of any trader that the Commissioners were entitled to find that it was not done in the course of trade.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid2898617\charrsid11545673 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid2898617\charrsid11545673 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid10574382 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 And further on page 194 his Lordship said}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid2898617\charrsid11545673 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid2898617\charrsid11545673 
\par }\pard \ltrpar\ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid10574382 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 I would suggest, however that if it was not in the nature of trade for one of these associated companies to sell at an under}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid10574382\charrsid11545673 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
value, it is not in the nature of trade for the other to buy at an overvalue. In each case the sale ought to be brought in at the realisable market value at the time}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 .
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid10574382\charrsid11545673 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid10574382 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
And earlier on page 194 his Lordship had referred to the case of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\ul\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 Sharkey v Werner}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  [1956] AC 58 where it had been said}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid2898617\charrsid11545673 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid2898617\charrsid11545673 
\par }\pard \ltrpar\ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid10574382 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 the figures are to be regarded as struck out for tax purposes: and in their place you must put in the market realisable value at the time.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid2898617\charrsid11545673 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid2898617\charrsid11545673 
\par }\pard \ltrpar\ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid10574382 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
The Appellant in the present case submits that the realisable market value is unascertainable and therefore }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\ul\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 Sharkey v Werner}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  should not have been}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid2898617\charrsid11545673  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 app}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid2898617\charrsid11545673 li}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 ed.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid10574382\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid2898617\charrsid11545673 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid2898617\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
As to this, Kermode J, after holding that the debt was sold at overvalue, found that the nature of the debt did not permit of any accretion in value. We are not satisfied that Kermode J was wrong in coming to that conclusion. The book debts arose in the c
ircumstances already described and constituting a loan of a fixed amount would not be affected by any future fluctuations in value of the real property for the acquisition of which the loan was raised in the first place. }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid16134752\charrsid11545673 In our view, the book debt would never increase beyond the value paid for it.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid2898617\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid16134752\charrsid11545673 In our view, the reality of the situation is that this was purely a paper transaction for the internal purposes of the Stinson Pearce Group. }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 A key to it may be found in the reference to the fact that the money bor
rowed by the Stinson Group from the National Bank of Fiji for the purpose of paying out Barclays Bank was }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 passed on}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 , as the record frequently states, to the Respondent who used it to pay off the debt. Stinson Pearce Holdings having raised the loan with N
BF could quite easily have purchased the Trois receivables themselves without the intermediary of the respondent and thereby avoided the n}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid14183452\charrsid11545673 or}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 mal profit. It seems clear that the Respondent was merely a cog in the wheel of these arrangements. It may be argued
 that notwithstanding the Respondent being part of large commercial group, having filed its own tax return it was rightly assessed upon the same. As to that the primary Judge, Ungoed Thomas J in the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 Petrotim}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  case said}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid16134752\charrsid11545673 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid14183452\charrsid11545673 
\par }\pard \ltrpar\ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid10574382 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
This company trading normally for profit, as it did, never sold such assets at such prices except at such dictation. It is only the intrusion of another body into its affairs that produces such an odd operation. As I have already said, what I am concerned
 with in this case is whether this company, as a separate entity, is conducting its own trade in respect of which it is assessed for its own income tax liability. In this transaction the company was not acting in the course of it}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 s own trade, which is the s
ubject of taxation, but out of that course. These transactions, when seen in their context of the company}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 s trading operations, cry aloud for an explanation.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid3044204\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 That statement, was made after his Lordship had referred to what been said in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 Sharkey v Wemer}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  th
at a sale in that case was a dictated sale at a prescribed}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid289524\charrsid11545673  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid13579913\charrsid11545673 price. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid6693429\charrsid11545673 
\par 
\par In }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid289524\charrsid11545673 o}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
ur view therefore the present transaction falls within the exception contained}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid6693429\charrsid11545673  in t}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 he proviso at the end of Section 11 (a) namely that it did not form part of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid6693429\charrsid11545673 
 a series}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  of transactions and was not in itself in the nature of trade or }{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  HYPERLINK http://business.it }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid16214836\charrsid11545673 {\*\datafield 
00d0c9ea79f9bace118c8200aa004ba90b0200000003000000e0c9ea79f9bace118c8200aa004ba90b2800000068007400740070003a002f002f0062007500730069006e006500730073002e00690074002f0000000000000000000000}}}{\fldrslt {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 business. }}}\sectd \ltrsect\psz9\linex0\sectlinegrid272\sectdefaultcl\sectrsid11545673\sftnbj {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid6693429\charrsid11545673 That}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  being so the appeal on the first two grounds fails.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid6693429\charrsid11545673 
\par We}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid289524\charrsid11545673  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 now turn to the third ground of }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid16134752\charrsid11545673 appeal, which}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  is as follows
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid289524\charrsid11545673 
\par }\pard \ltrpar\ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
That the Learned Supreme Court Judge erred in law in holding that the Respondent was entitled under Section 22 (1) (a) of the Income Tax Act to set off losses incurred by it in the relevant year against its chargeable income of subsequent years.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid10491676\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid6693429\charrsid11545673 This is }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  part of the case concerned }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid6693429\charrsid11545673 in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
the interpretation of Section 22(1)(a) of the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 Inco}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 me Tax Act. The Act, as will be seen, uses i}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid10491676\charrsid11545673 n various parts the words }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "inc}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 ome}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 , }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 total income}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 , and }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 chargeable income}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid6693429\charrsid11545673  and provides some defini}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 tions of those terms. Section 22 (1) (a) of the Act is as follows
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12538486\charrsid11545673 
\par }\pard \ltrpar\ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "22.-}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 (1) Any loss incurred in the year in any trade, business, profession or vocation carried on by any person, either solely or in partnership, shall }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid10574382\charrsid11545673 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12538486\charrsid11545673 
\par }\pard \ltrpar\ql \li1440\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin1440\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 (a) }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 be set off against his income }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12538486\charrsid11545673 from other sources for the same }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 year;
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12538486\charrsid11545673 
\par }\pard \ltrpar\ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12538486\charrsid11545673 P}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
rovided that no relief shall be allowed under the provisions of this paragraph in respect of any loss suffered from any transaction of trade, business, profession or vocation if a profit
 derived from such transaction would not have been included in chargeable income.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12538486\charrsid11545673 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12538486\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid6693429\charrsid11545673 We n}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
ote the Interpretation Act (Cap. 7) interprets the word }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 person}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid6693429\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid6693429\charrsid11545673 \'93}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 include }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid6693429\charrsid11545673 any}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12538486\charrsid11545673  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 company or association or body or pers}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid6693429\charrsid11545673 ons corporate or}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12538486\charrsid11545673  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid6693429\charrsid11545673 unincorporated.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid6693429\charrsid11545673  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid16134752\charrsid11545673 Therefore,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  the Section clearly applies to a}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid7230450\charrsid11545673  company such as the Respondent}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid6693429\charrsid11545673 . This}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  may be contrasted with use of the term }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid7230450\charrsid11545673 individual}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  in such section as for }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid6693429\charrsid11545673 example }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 21(2). The issue here is whether the word }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid3605892\charrsid11545673 income}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  where first appearing }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid6693429\charrsid11545673 in section}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  22 (1) means total income or chargeable income as defined in the Act
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid6693429\charrsid11545673 . The }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
 appellant contends that the word means total income and the Court of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid6693429\charrsid11545673 Revi}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 ew so held. The Respondent contends that in respect of a company it means }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid6693429\charrsid11545673 
chargeable }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 income, and that view was upheld by the Supreme Court in the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid6693429\charrsid11545673 Judg}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 ment under appeal.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid6693429\charrsid11545673 The }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 Act by Section 6 imposes a }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 basic tax}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  upon (a) every $ of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 total income}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid6693429\charrsid11545673 deriv}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 ed by a resident individual and (b) on every dollar of }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\ul\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 chargeable income}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  of }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid3605892\charrsid11545673 a Com}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 pany. By Section 7 the Act imposes a }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 normal tax}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  inter alia (in 7(e)) on }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid3438872\charrsid11545673 resident }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 companies in respect of their }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 chargeable income}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 .
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid3438872\charrsid11545673 Part}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid3605892\charrsid11545673  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 V or the Act is headed: }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 Ascertainment or Chargeable Income.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid16134752\charrsid11545673 Section 32(a) which is contained in that part provides as follows:}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid3605892\charrsid11545673 
\par }\pard \ltrpar\ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 For the purposes of this Act the chargeable income of a company shall be (a) in respect of a company other than a non}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
resident company, the total income of the company for that year whether accruing in or derived from Fiji or elsewhere.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid3605892\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 Part IV of the Act at the relevant time was in two parts:
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid3605892\charrsid11545673 
\par }\pard \ltrpar\ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 A:}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 Amounts to be included in arriving at total income,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 " and}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid3605892\charrsid11545673 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 
\par }\pard \ltrpar\ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid3605892\charrsid11545673 B: }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 Amounts to be excluded in arriving at total income. Section 11}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 (f) which was in P}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
art A included dividends paid or credited in the year.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid3605892\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 Section 17 
(37) on the other hand, which was in part B, provided that any dividend from a company incorporated in Fiji received by or accrued to a resident company shall not be chargeable to basic tax and normal tax.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid3605892\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 However, the conflict between those two provisions is only an apparent one. Section 1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 (f) makes all dividends part of to}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 tal income. However, Section 21}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
(2) makes provision for the treatment of dividends derived by an individual. As against that Section 17(37) deals with dividends received by a company and exempts such dividends, thereby provi}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 ding an exception to Section 11}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
(f). In our view that construction is carried by the opening words of Section 17: }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 The following classes of income shall not be chargeable to basic tax and normal tax}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 .
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid3605892\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 As has been seen Section 32 provides that for a non}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid6117853\charrsid11545673 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
resident company the chargeable income is the same as the total income. This is a different situation from a resident individual because by virtue of Section 24 the chargeable income of such an individual
 shall be his total income subject to certain deductions allowed by Section 25, 26, 27, 29, and 30. No such deductions are available to a resident company, hence the fact that a company}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 s total income is the same as its chargeable income.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid3605892\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 In our view it w
ould be a misinterpretation of the Act to hold that losses in respect of transactions which, had they been profitable, would be liable to tax should first be set off against tax exempt income. The matter may be tested by reference to Section 22 1(b). Sect
ion 22}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid3438872\charrsid11545673  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
1(a) has already been noted as providing that losses may be set off against income for the same year. Section 22}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid3438872\charrsid11545673  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 1(b) goes on to provide that
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 
\par }\pard \ltrpar\ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 To the extent it is not allowed under paragraph (a) such losses may be carried forward and subject as is h
ereinafter provided be set off against what would otherwise have been his total income for the next six years in succession}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 .
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid3605892\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 If the Commissioner}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 '}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 s contentions were correct a different result would occur as between the first year and the subsequent six ye
ars. If the taxpayer company has made a business profit from its exempt}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid671488\charrsid11545673  dividends but has available car}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 ry forward}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid671488\charrsid11545673  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 losses and if those are to be first set off against the tax exempt dividend income the result would be exactly the same as if those dividends 
were not exempt. The taxpayer would be paying tax on it because it had received those tax exempt dividends. But for the receipt of those dividends the whole of the carried forward losses could have been offset against the current year profits. However, th
ose dividends, as the Supreme Court has held, do not form part of the respondent}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 s; chargeable or total income and accordingly ought not to be set off against its carried forward losses under Section 22 (1)(b).
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid671488\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 In our view the Learned Trial Judge was right when he said}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 :}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid3605892\charrsid11545673 
\par 
\par }\pard \ltrpar\ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
The intention of the Section was in my view to grant relief from losses by setting off such loss against chargeable income in subsequent years. That intention is nullified by an interpretation which requires such losses to be first set off
 against non taxable profits. No relief is granted in such a case if profits are more than the losses.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9193674\charrsid11545673 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9193674 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid3605892\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 For those reasons the third ground of appeal also fails.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9789840\charrsid11545673 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid16134752\charrsid11545673 Accordingly,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid9789840\charrsid11545673 
 the Appeal is dismissed with costs to the Respondent.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe5129\langnp2057\insrsid671488\charrsid11545673 
\par }{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe5129\langnp2057\insrsid12401505\charrsid11545673 (Appeal dismissed.)
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