Marine Management Ltd. v Deputy Commissioner of Inland Revenue (Fiji).  BTC 184
Judgment delivered 5 March 1986.
Privy Council – Income tax – Fiji – Limited liability company – Loan to finance purchase of shares – Management fees paid to taxpayer – Interest paid to bank in respect of loan claimed as deductible expense in company accounts – Deduction disallowed – Whether interest on bank loan allowable as deduction in computing profits – Income Tax Act (Cap. 201) (Fiji) sec. 17(37), 19(f)(i)(ii).
This was an appeal against the disallowance of a tax deduction in respect of the payment of interest incurred on moneys borrowed by the taxpayer to finance the purchase of certain shares.