Brosnan v Mutual Enterprises Ltd

JurisdictionIreland
Judgment Date08 July 1997
Date08 July 1997
Docket Number[1994 No. 80R; S.C. No. 169 of 1995]
CourtSupreme Court
~
%
"
.
ooo
-
3956
HAMILTON
C.J.
-
BARRINGTON
J.
LYNCH
J.
THE
SUPREME
COURT
169/95
BETWEEN:
T.
G.
BROSNAN,
INSPECTOR
OF
TAXES
Appellant
and
MUTUAL
ENTERPRISES
LIMITED
Respondent
Judgment
delivered
on
the
8th
day
of
July
1997
by
Hamilton
C.J.
[per
Di
ssf
This
is
an
appeal
brought
by
T.G.
Brosnan,
Inspector
of
Taxes,
(hereinafter
referred
to
as
the
Appellant)
against
the
judgment
delivered
by
Mr.
Justice
Murphy
on
the
7th
day
of
April
1995
and
the
order
made
by
him
in
pursuance
thereof
on
that
date
whereby
he
answered
in
the
affirmative
the
question
of
law
submitted
for
consideration
by
the
High
Court
in
a
Case
Stated
dated
the
28th
day
of
June
1994
by
the
Circuit
Court Judge
for
the
Cork
Circuit
pursuant
to
the
provisions
of
Section
430
of
the
Income
Tax
Act,
1967
as
applied
to
Section
146
of
the
Corporation
Tax
Act,
1976
(2)
395
following
the
hearing
by
the
said
Circuit
Court
Judge
on
the
15th
day
of
May
1989
of
an
appeal
by
the
Respondent
herein,
Mutual
Enterprises
Limited,
(hereinafter
referred
to
as
the
Respondent)
against
a
decision
of
the
appeal
commissioner
made
on
the
28th
day
of
April
1988.
The
question
of
law,
which
had
been
submitted
for
the
decision
of
the
High
Court
was:-
“whether
upon
the
facts
proven
or
admitted
the
Circuit
Judge
was
correct
in
law
in
holding
that
the
Respondent
was
entitled
to
bring
into
account
in
computing
its
trading
profits
and
allowable
losses
for
the
purpose
of
corporation
tax,
the
amounts
of
the
losses
incurred
on
foreign
currency
exchange
rates
applicable
to
its
borrowing
notwithstanding
the
provisions
of
Section
61(e)
and
(f)
of
the
Income
Tax
Act,
1967.”
The
facts,
proven
or
admitted,
are
set
out
in
detail
in
the
Case
Stated
dated
the
28th
day
of
June
1994
and
in
view
of
the
issues
raised
in
this
appeal,
it
is
desirable
to
set
forth
in
the
course
of
the
judgment
the
entire
of
the
Case
Stated.
The
Case
Stated
provided
as
follows:-
“1,
The
matter
came
before
me
for
hearing
on
the
15th
day
of
May,
1989
on
appeal
by
way
of
rehearing
by
Mutual
Enterprises
(hereinafter
referred
to
as
the
Respondent)
under
the
provisions
of
Section
429,
(3)
-
3958
Income
Tax
Act,
1967,
as
applied
to
Corporation
Tax
by
Section
146,
Corporation
Tax
Act
1976,
against
a
decision
of
the
Appeal
Commissioner
made
on
the
28th
day
of
April
1988
in
relation
to
appeals
against
assessments
to
Corporation
Tax
made
by
the
Inspector
of
Taxes
(hereinafter
referred
to
as
the
Appellant)
for
the
periods,
profits
and
Corporation
Tax
as
set
out
hereunder:-
Period
Profits
Assessed
Corporation
Tax
Ended
31st
day
of
December
1981
£10,000
£4,500
3tst
day
of
December
1982
£10,000
£5,000
31st
day
of
December
1983
£12,000
£6,000
31st
day
of
December
1984
£12,000
£6,000
2.
The
sole
point
for
decision
by
me
was
whether
the
company
is
entitled
to
include
the
losses
on
foreign
currency
translation
in
computing
the
trading
profits/allowable
losses
for
Corporation
Tax
purposes.
3.
The
following
documents
were
admitted
in
evidence:-
(i)
Statement
of
Standard
Accounting
Practice
No.
20,
dated
April
1983;
(ii)
Allied
Irish
Investment
Bank
Ltd.’s
letter
of
loan
approval,
dated
23rd
January
1980;
ae
mao
ome
)
Audited
accounts
of
the
company
for
the
four
periods
(
ended
31.12.1981,
31.12.1982,
31.12.1983
and
31.12.1984

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