WebIn People’s Stores it was held that in cases in which the right to a future payment had vested in, and therefore accrued, to the taxpayer, the accrued amount for the purposes … WebCIR v People Stores as amended by the Income Tax Act. Taxpayer sold clothing on account; Outstanding amounts owing to the taxpayer were included in gross income because the taxpayer was entitled to them (if bad or doubtful, claim a deduction) The full amount is included in gross income, no discounting to present value allowed; MP …

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WebFeb 22, 1990 · South Africa: Supreme Court of Appeal. 1. HEFER JA: This is an appeal in terms of sec 86 A (2) (b) of the Income Tax Act 58 of 1962, as amended, ("the Act") … PEOPLE'S STORES (WALVIS BAY) (PTY) LIMITED RESPONDENT CORAM : … http://www.saflii.org/za/cases/ZATC/2024/1.pdf chin forward

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WebExtra cases CSARS v People Stores - If there is an accrual, how must the outstanding amounts be valued for tax ... must be included in gross income CIR v People Stores as … WebCIR v Peoples Stores (supra), it has been accepted that an amount will accrue to a taxpayer at the moment when she became entitled to it. In CIR v Peoples Stores … WebIn CIR v Peoples Stores, 2 t he taxpayer sold goods on cash and credit. Goods that was sold on credit was only payable in the following year of assessment. because the taxpayer has a vested right in the income that is payable in the following year it has to be included in the current year of assessment. granger library iowa