Privy Council.

Lord Ackner, Lord Roskill, Lord Goff of Chieveley, Lord Jauncey of Tullichettle and Lord Lowry.

Judgment delivered 3 October 1989.

Hong Kong profits tax – Sale of property which had produced rental income – Whether property was capital asset or trading stock at time of sale – Whether reasonable inference by Board of Review that property was trading stock – Inland Revenue Ordinance (Hong Kong), sec. 14.

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