Tutorial 3

ATXB333: SPECIALISED TAXATION TUTORIAL 1: ADVANCE problem RECEIPT ------------------------------------------------- top dog 1 Compensation standard from cancellation of gos is assessable to income levy depending on whether the cancellation of the contract affects the profit making structure of the recipient and involves loss by him of an enduring barter asset. demand: Discuss the validity of this line by citation to decided cases. enquire 2 Lembaga Pelabuhan Kelang, (LPK) the owner of a jetty received RM650,000 from an owner of tanker for the compensation for change when atomic number 53 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(p) time the amends phoner gainful LPK RM250,000 for insurance recovery of a jetty. What the tax liability to the above response and back up your answer with a relevant case law. Required: pick out with reason whether the payment re ceived is assessable to tax and take over with case law decision. Question 3 Mesra Sdn Bhd. Carries on a business of whole dealrs and retailers of imported hard drink. The federation had excessively been tangled in the barter 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 thousand thousand 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 incom e tax since it is derived from under-the-co! unter 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 create a revolutionary cognitive operation of printing batik...If you lack to get a full essay, inn it on our website: OrderCustomPaper.com

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