Kenya | |||||
Ocean Sports (2006) Limitedvs Commissioner for Domestic Taxes |
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id : 35-202100  cat : Tax Appeals tribunal-Nairobi   | |||||
The Tribunal has studied both parties |
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Asked by : Admin
DOF : 28/05/2015 |
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SubmissionsPDF |
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The Appellant argued that the assessments were based on the Respondent's wrong assumption that the amounts advanced by JMN Investments Limited were a loan, a fact that the Appellant disputes. The Appellant contended that the amounts were advanced to the Appellant on instructions of the shares of JMN Investments Limited on a personal capacity and ,the same "were held on trust to JMN Investments Limited and are therefore not loans. 8. The Appellant submitted documents in issue were investment funds injected by the company shareholders to acquire property and for refurbishment purposes. This was done on the fact that the company was newly incorporated and didn |
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Ruling |
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Tribunal is satisfied that the Appellant declared the funds advanced in its end year 2011 financial statements that the same were to be repaid, which amounts were advanced by a non-resident person and it was on this basis that the Respondent correctly assessed and charged withholding tax on deemed interest. Judgement Appeal No. 14 of 2015 Page 5 23. The upshot of the above is that the Tribunal finds that the Appeal herein lacks merit and is accordingly dismissed. There will be no orders |
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posted by : Admin
DOR : 09/12/2016 |
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