Beautiland Co Ltd v Commissioner of Inland Revenue (Hong Kong).  BTC 262
Lord Keith of Kinkel, Lord Templeman, Lord Oliver of Aylmerton, Lord Jauncey of Tullichettle, Sir Robert Megarry.
Judgment delivered 19 June 1991.
Profits tax – Hong Kong – Joint venture company established for development of land – Acquisition by joint venture company of 30 per cent shareholding in company owning valuable land through subsidiary – Sale by joint venture company of 25 per cent of its shareholding in that company – Whether shares acquired and disposed of ‘by way of trade or adventure in the nature of trade’ – Inland Revenue Ordinance, sec. 2(1), 14.