Legal Counsel – Dispute Resolution & Judgments – Tax Court Case No. IT 25042

19 August 2022

Applicable Acts: Income Tax Act, 1962, and Tax Administration Act, 2011

In terms of the Income Tax Act, General Deduction Formula the judgement included whether the finance charges levied in respect of the loans of Propsky and RMB constituted interest for the purposes of section 24J and whether the understatement penalty was correctly levied.

You can read the detailed judgement here.