Cir v peoples stores
WebUnformatted text preview: Principles from case law Principles from the following tax cases were covered in Tax I Relevant to Definition of gross income Definition of gross income Definition of gross income Definition of gross income Words or phrase Considered Resident Amount 'from a source within ... the Republic' accrued to Name of the court … WebIn People’s Stores it was held that in cases in which the right to a future payment had vested in, and therefore accrued, to the taxpayer, the accrued amount for the purposes of the taxpayer’s gross income was the present value of the future payment to which it was . 4 entitled.3 The finding in ...
Cir v peoples stores
Did you know?
Web1. total amount. 2. in cash or otherwise. 3. received by or accrued to. - from anywhere, in the case of a person who is a resident. - from a source in SA in the case or of a nonresident person. 4. other than receipts or accruals of a capital nature. 1. total amount. - LATEGAN v CIR: the term 'amount' is not only money, but also every form of ... WebCIR v Peoples Stores (Walvis Bay) (Pty)Ltd 1990 (2) SA 353 (A), 52 SATC 19. 1. Facts of Case The taxpayer was a retailer of clothing, footwear, household textiles and related …
Webthe cases of CIR v Ochberg13 and Mooi v SIR,14 are then contrasted with an opposing meaning attributed to it in later case law. The opinions of two Commissions of Inquiry,15 … WebCIR v People Stores as amended by the Income Tax Act. Taxpayer sold clothing on account; Outstanding amounts owing to the taxpayer were included in gross income because the taxpayer was entitled to them (if bad or doubtful, claim a deduction) The full amount is included in gross income, no discounting to present value allowed; MP …
WebExtra cases CSARS v People Stores - If there is an accrual, how must the outstanding amounts be valued for tax ... must be included in gross income CIR v People Stores as … WebIn People’s Stores it was held that in cases in which the right to a future payment had vested in, and therefore accrued, to the taxpayer, the accrued amount for the purposes …
WebIn CIR v People’s Stores, this uncertainty appears to have been cleared where the court reiterated the Lategan-principle (see Lategan v CIR (1926) CPD 203, 2 SATC 16) and ruled that the concept ‘accrued to’ denotes that the taxpayer must be unconditionally entitled to …
WebLeading Tax Cases – Organised By Subject Matter. [7] Savage v CIR 1951 (4) SA 400 (A), 18 SATC 1, 1952 Taxpayer 15. [8] CIR v Lazarus’ Estate 1958 (1) SA 311 (A), 21 SATC … ordering cuban cigars in bulkWebCIR v People Stores as amended by the Income Tax Act. Taxpayer sold clothing on account; Outstanding amounts owing to the taxpayer were … irene tobymac lyricsWebCIR v Peoples Stores (Walvis Bay) (Pty)Ltd 1990 (2) SA 353 (A), 52 SATC 19. 1. Facts of Case The taxpayer was a retailer of clothing, footwear, household textiles and related … ordering cuban cigars online legalWebCIR v People’s Stores (Walvis Bay) (Pty) Ltd 1990 Accrued to The taxpayer, a retailer, sold goods to its customers on a 6 month instalment credit basis. The court was called upon to decide whether amounts which would become receivable after the end of the year of assessment had in fact accrued to the taxpayer. An amount accrues in the tax year in … ordering cupcakes from walmartWeb[26] In CIR v Peoples’ Stores 1990 ( 2) SA 353 (A) at 365 A - B it was held that what is required for an accrual in terms of the definition of “gross income”, is that the person … irene todd columbus ohioWebCIR v People’s Stores (Walvis Bay) (Pty) Ltd (1990 A) The taxpayer was a retailer of clothing, footwear, household textiles and related goods and it sold its goods to its … ordering ct scan with or without contrasthttp://www.saflii.org/za/cases/ZATC/2024/1.pdf irene tremblay