Tutorial 3

ATXB333: SPECIALISED TAXATION TUTORIAL 1: ADVANCE headache 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 reservation structure of the recipient and involves loss by him of an enduring traffic asset. demand: Discuss the validity of this line by deferred payment to decided cases. heading 2 Lembaga Pelabuhan Kelang, (LPK) the owner of a breakwater received RM650,000 from an owner of tanker for the compensation for change when matchless of the tanker hit the jetty. The jetty was out of utilize for a couple of month while it was chthonian repair. At the uniform time the amends phoner paid LPK RM250,000 for insurance recuperation of a jetty. What the tax liability to the above response and back up your answer with a relevant case law. Required: mark with reason whether the payment received is assessable to tax and bread and butter with case law decision. Question 3 Mesra Sdn Bhd. Carries on a business of whole barterrs and retailers of imported hard drink. The ships company had withal 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 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 s ince it is derived from sinful 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 positive a revolutionary cognitive operation of printing batik...If you indispensability to get a full essay, inn it on our website: OrderCustomPaper.com

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