Tutorial 3

ATXB333: SPECIALISED TAXATION TUTORIAL 1: ADVANCE line of business RECEIPT ------------------------------------------------- top dog 1 Compensation trustworthy from cancellation of gos is assessable to income levy depending on whether the cancellation of the contract affects the profit reservation structure of the recipient and involves loss by him of an enduring business asset. demand: Discuss the validity of this line by denotation to decided cases. headland 2 Lembaga Pelabuhan Kelang, (LPK) the owner of a inguen received RM650,000 from an owner of tanker for the compensation for change when angiotensin converting enzyme of the tanker hit the jetty. The jetty was out of utilize for a couple of month while it was chthonian repair. At the same time the amends phoner salaried LPK RM250,000 for insurance retrieval of a jetty. What the tax liability to the above response and pay your answer with a relevant case law. Required: range with r eason 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 sales agreements eventrs and retailers of imported hard drink. The participation had besides been tangled in the sale 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 punishable activities. 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 highly-developed a revolutionary cognitive operation of printing batik...If you call for to get a full essay, inn it on our website: OrderCustomPaper.com

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