Cir v peoples stores

WebThe case turned on the meaning of the words "accrued to or in favour of such person" in the definition of "gross income" in Section 1 of the Income Tax Act. Our courts have held that the words "accrued to" mean, "to which (any person) has become entitled". (Lategan v CIR 1926 CPD 203; CIR v People s Stores (Walvis Bay) (Pty) Ltd 1990 (2) SA 353A). 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 …

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Webcommissioner for inland revenue v people‟s stores (walvis bay) (pty) ltd 52 SATC 9 (A) - 1989 Importance Classification: Very important as the Appellate Division in this case … http://www.saflii.org/za/cases/ZASCA/1990/1.html how many people in washington state https://rodamascrane.com

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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 ... 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 … WebIn CIR v Peoples Stores, 2 t he taxpayer sold goods on cash and credit. Goods that was sold on credit was only payable in the following year of assessment. because the taxpayer has a vested right in the income that is payable in the following year it has to be included in the current year of assessment. how many people in work in uk

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Category:Legality and Income Tax – Is SARS ‘entitled to’ Levy

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Cir v peoples stores

Legality and Income Tax – Is SARS ‘entitled to’ Levy Income …

WebCIR v Witwatersrand Association of Racing Clubs 1960 (3) SA 291 (A), 23 SATC 380 c. CIR v People’s Stores (Walvis Bay) (Pty) Ltd 1990 (2) SA 353 (A), 52 SATC 19 d. Geldenhuys v CIR 1947 (3) SA 256 (‘C), 14 SATC 419 8. http://www.saflii.org/za/cases/ZATC/2007/1.pdf

Cir v peoples stores

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WebCIR 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 … Web3.1 cir v peoples stores (walvis bay) (pty) ltd, 1990 (2) sa 353 (a) 24 chapter 4: specific scenarios and reported judgments 4.1 on behalf of someone else 26 ... 8 cir v golden …

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 …

WebFeb 22, 1990 · South Africa: Supreme Court of Appeal. 1. HEFER JA: This is an appeal in terms of sec 86 A (2) (b) of the Income Tax Act 58 of 1962, as amended, ("the Act") … PEOPLE'S STORES (WALVIS BAY) (PTY) LIMITED RESPONDENT CORAM : … WebCIR v People Stores as amended by the Income Tax Act. Taxpayer sold clothing on account; Outstanding amounts owing to the taxpayer were …

WebCourt case reference Component of definition Principle established CIR v Butcher Bros (Pty) Ltd Definition of gross income – "total amount" The word "amount" means an amount having "an ascertainable money value" and the onus is initially on the Commissioner to prove that an amount has accrued to the taxpayer. CIR v People's Stores (Walvis Bay) (Pty) Ltd …

WebJul 14, 2024 · Judgment was delivered in the tax court on 30 May 2024 in the matter of M v Commissioner for the South African Revenue Service (case number 14005, as yet … how many people in wellingtonWebCIR 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 … how many people in washington dcWebCIR 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 … how many people in ww2Web7. The tax principle that once an amount has been beneficially received by or accrued to a taxpayer, the taxpayer is taxed on such amount even though he may have an obligation … how many people in witness protectionhttp://www.saflii.org/za/cases/ZATC/2024/1.pdf how can slime be usefulWebCIR 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 … how many people in ww1 diedWebcase in par 11 (section 22(3)(a)(ii), section 22(8)(b)(v) & par 12(2)(c) and par 12(3) of the Eighth Schedule). It is now specifically provided for that, where a capital asset becomes trading stock (or vice versa), an adjustment needs to be made in the sense that there will be a deemed disposal of the capital asset (or the trading stock, if that is the case) at its … how can slips and trips be prevented