Walji v Collector of Non-Native Poll Tax (C.A. No. 8-35.)
Observed later treatment
No later-treatment classification is recorded for this judgment.
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Holding
A moneylender assessing annual profits under the Non-Native Poll Tax Ordinance 1933 is not entitled to deduct as a bad debt in the year of assessment interest that accrued in prior years, even where the debt was good at the beginning of the assessment year but became irrecoverable during it. The deduction for bad debts is limited to debts connected with the business of the year under consideration.
Outcome
Appeal dismissed; taxpayer not entitled to deduct bad debt arising from prior years' interest
Facts
The appellant was a moneylender who sought to deduct from his taxable income for 1932 arrears of interest that had accrued in years prior to 1932. It was admitted that the debt was good on 1 January 1932 but became irrecoverable before 31 December 1932 owing to the bankruptcy of the debtor. The question was whether such interest could be deducted as a bad debt under the Non-Native Poll Tax Ordinance 1933 when calculating the appellant's gains or profits for the year of assessment.
Issues
- Whether a moneylender to whom interest has accrued due but which it has been impossible to collect is entitled to deduct such interest as a bad debt under the Non-Native Poll Tax Ordinance 1933.
- Whether a taxpayer is entitled to deduct in the year of assessment a debt that was good at the beginning of that year but became irrecoverable during that year, where the debt arose from interest accrued in prior years.
Orders
- Question submitted answered in the negative.
- Remaining issue and question of costs adjourned generally with liberty to apply.
Rules and key headnotes
Legislation cited (4)
- Non-Native Poll Tax Ordinance 1933 s.4
- Non-Native Poll Tax Ordinance 1933 s.6
- Non-Native Poll Tax Ordinance 1933 s.26
- Non-Native Poll Tax Ordinance 1933 Second Schedule
Cases cited (10)
- Konstam on Income Tax (5th Ed.) 115-118
- Re Spanish Prospecting Co Ltd [1911] 1 Ch 92
- Sun Insurance Office v Clarke [1912] AC 443
- Anderton and Halstead Ltd v Birrell [1932] 1 KB 271
- Reid's Brewery Co v Male [1891] 2 QB 1
- Broughton Coal Co. v. Kirkpatrick (14 Q.B. 496)
- Leeds Building Society v Mallan-Thzine [1897] 2 QB 408
- St Lucia Usines and Estates Co v St Lucia (Colonial) Treasurer [1924] AC 508
- Colquhoun v. Brooks (14 A.C. 493)
- Gleaner Co v Assessment Committee [1922] 2 AC 169
Full judgment
The original judgment as reported. Read the original PDF before relying on any passage.