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INLANDREVENUEBOARDOFREVIEWDECISIONSCaseNo.D94/02Profitstax–whetherthegainsarisingfromthedisposalofpropertywereliableforprofitstax–whetherexpensesshouldbeallowed–sections14(1)and68(4)oftheInlandRevenueOrdinance.[DecisioninChinese]Panel:AnthonyHoYiuWah(chairman),KennethLeungKaiCheongandLiuLingHong.Dateofhearing:9August2002.Dateofdecision:29November2002.Theappellants,MadamAandMrB,purchasedProperty1inAugust1996andsolditinJune1997withagain.TheassessorwasoftheviewthatthegainsmadebytheappellantsfromthesaleofProperty1weretradingprofitschargeabletoprofitstax.Havingconsideredthedocumentssuppliedbytheappellantsforthepurposeofthisappeal,theRevenuetooktheviewthattheappellantsdidnottendercredibleevidenceinsupportoftherenovationexpensesclaimedandappliedtotheBoardtohavetheassessableprofitsadjustedaccordingly.Thegroundsofappealoftheappellantswereasfollows:(a)Property1wasoriginallyintendedfortheiruseasaholidaydwellingandwassoldlaterassuchusagewasabandoned.(b)TheappellantsappliedthesaleproceedsfromProperty1tothepurchaseofProperty2ofMrBforthepurposeofinvestmentandrentalincome.(c)Theappellantswerepropertyinvestorsandnotpropertytraders.Atthematerialtimes,MrBwasstudyinginAustralia.Between1April1996and31March1998MrBwasinHongKongfor73days.ThesaleandpurchaseaswellasmortgageofProperty1andthepurchaseandrentingofProperty2wereexecutedbyMadamAactingastheattorneyofMrB.Attheappealhearing,MadamAgaveswornevidenceandwascross-examinedbytheRevenue.Held:1.TheBoardhadtodecideiftheappellantshadsuccessfullydischargedtheburdenofprovingtheirintentioninthepurchaseofProperty1wasfortheirownuseasresidenceorholidaydwelling.TheBoardheldthatthecredibilityofMadamA’stestimonyregardingtheintentionatthetimeofacquisitionofProperty1wasverylow.2.Accordingtothedatesoftheprovisionalagreementsforsaleandpurchaseforthetwoproperties,thepurchasemoneyforProperty2couldnothavecomefromthesaleproceedsofProperty1.3.Whetherataxpayerhastobechargedwithprofitstaxongainsfromthedispositio
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