Tutorial 3

ATXB333: SPECIALISED TAXATION TUTORIAL 1: ADVANCE line of work RECEIPT ------------------------------------------------- top dog 1 Compensation accredited from cancellation of gos is assessable to income levy depending on whether the cancellation of the contract affects the profit do structure of the recipient and involves loss by him of an enduring barter asset. demand: Discuss the validity of this line by write to decided cases. suspense 2 Lembaga Pelabuhan Kelang, (LPK) the owner of a breakwater received RM650,000 from an owner of tanker for the compensation for change when unity of the tanker hit the jetty. The jetty was out of utilize for a couple of month while it was chthonian repair. At the said(prenominal) time the amends phoner gainful LPK RM250,000 for insurance recovery of a jetty. What the tax liability to the above response and clog up your answer with a relevant case law. Required: show with reason whether the payment received is assessable to tax and support with case law decision. Question 3 Mesra Sdn Bhd. Carries on a business of whole barterrs and retailers of imported hard drink. The federation had likewise been tangled in the exchange of a locally distilled liquor, the sale of which is prohibited under the Malaysian Law.

For the companys year ended 31 December 2002, the totality turnover from the sale of liquor was RM10 one million million of which RM2 Million was derived from the sale of locally distilled liquor. The company contended that the profit from the sale of the local liquor is not liable to income tax since it is derived from iniquitous ac! tivities. Furthermore the company had previously been convicted of selling this liquor and had paid a graceful of RM10,000. Required: Do you agreed with the company stand? State your reasons and cited relevant case laws to illustrate your answer. Question 4 Batik Malaya Sdn. Bhd. Which is involved in the manufacturing of Batik materials had true a revolutionary cognitive operation of printing batik...If you essential to get a full essay, inn it on our website: OrderCustomPaper.com

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