Net wealth interpretation may follow commercial principles in specific charges; affected taxpayers should seek higher judicial reconsideration routes. The Board addresses whether net wealth under Rule 2 is to be determined by commercial principles or by the Act's definition. It notes a High Court decision adopting commercial principles is binding in certain charges but may not apply to assessments after the Rules were amended to align undefined Rule terms with the Act. The Board directs that, in subsequent or similar cases, officials seek High Court reconsideration citing a contrary High Court decision; if the Tribunal will not state a case, request the High Court to direct one, and if reconsideration is refused, consider pursuing leave to a higher judicial forum.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Net wealth interpretation may follow commercial principles in specific charges; affected taxpayers should seek higher judicial reconsideration routes.
The Board addresses whether net wealth under Rule 2 is to be determined by commercial principles or by the Act's definition. It notes a High Court decision adopting commercial principles is binding in certain charges but may not apply to assessments after the Rules were amended to align undefined Rule terms with the Act. The Board directs that, in subsequent or similar cases, officials seek High Court reconsideration citing a contrary High Court decision; if the Tribunal will not state a case, request the High Court to direct one, and if reconsideration is refused, consider pursuing leave to a higher judicial forum.
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