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 … 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 …

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WebCIR 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 … 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 … our birth is but a sleeping and forgetting

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

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 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 ... Web[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 … 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 … our big yorkshire christmas narrator

The Lategan case: The accrual principle – then and now

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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 … WebCIR v People Stores as amended by the Income Tax Act. Taxpayer sold clothing on account; Outstanding amounts owing to the taxpayer were … rod wise correctionsWebThe 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). rod wing rice

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Cir v peoples stores

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 included in gross income …

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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 … http://www.saflii.org/za/cases/ZATC/2024/1.pdf

Web7. 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 … http://www.saflii.org/za/cases/ZATC/2007/1.pdf

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 … WebCIR v BUTCHER BROS (PTY) LTD TOTAL AMOUNT IN CASH OR OTHERWISE Facts: The taxpayer owned the land that was leased to a cinema company for a period of 50 …

WebTaxation Case Law summaries (6.3) Expenditure and losses Joffe & Co (Pty) Ltd v CIR Expenditure: Voluntary outgoing/willingly incurred Loss: Involuntary outgoing/unwillingly incurred (6.4) Actually incurred Nasionale Pers Bpk v KBI; Edgars Stores Ltd v CIR; and CIR v Golden Dumps (Pty) Ltd Provisions are uncertain, expected, contingent expenses …

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 … rod wire indexWebIn 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 … our birthing home oak cliffWebCIR 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. rod wishartWebCIR v Peoples Stores (supra), it has been accepted that an amount will accrue to a taxpayer at the moment when she became entitled to it. In CIR v Peoples Stores … rod wire coaterWebCIR v People Stores (confirmed Lategan) An amount to which a person has become entitled to, even though payment may only be made in … rod wine glassesWebCourt 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 … rod wishart rugby leagueWeb3.1 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 … ourbits hosts