Cir v peoples stores

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August undefined, 2024

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 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 …

The Lategan case: The accrual principle – then and now

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 … 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 … the proud rose story images

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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 : … 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’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 … the proud red rose story

gross-income-notes.pdf - lOMoARcPSD 10256801 Gross Income.

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 … Webcase 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 … the proud rose story pdfWeb1. 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 ... signed numbers calculator

"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 … " - Cir v peoples stores

Cir v peoples stores

gross-income-notes.pdf - lOMoARcPSD 10256801 Gross Income.

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 … 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.

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WebCohen v CIR 1946 AD 174, 13 SATC 362. CIR v Epstein 1954 (3) SA 689 (A), 19 SATC 221. CIR v Kuttel 1992 (3) SA 242 (A), 54 SATC 298. Lever Bros 14 SATC 1. Rhodesia … 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 …

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

WebCIR 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 …

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. the proud tower chapter summaryWeb3.1 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 … signed numbers and unsigned numbersWebCIR 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 … signed numericWebcommissioner 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 … the proud senior svgWebThe 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). the proud resort khao khoWebFeb 12, 2024 · In CIR v People’s Stores (Walvis Bay) (Pty) Ltd 1990 2 SA 353 (A) this uncertainty appears to have been cleared where the court reiterated the Lategan … signed numbers addition and subtractionWebCIR 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 … the proud tower pdf