Smith v Revenue and Customs: FTTTx 18 Oct 2012

INCOME TAX – computation of profits – admitted understatement of profits in one year – discovery assessments raised for other years to make good understated profits – whether assessments justified – yes – onus of proof on taxpayer in relation to amount assessed – failure to produce adequate evidence to displace assessments – appeal dismissed and assessments confirmed

Citations:

[2012] UKFTT 649 (TC)

Links:

Bailii

Jurisdiction:

England and Wales

Income Tax

Updated: 09 November 2022; Ref: scu.466234