Lyceum International School (Private) Limited vs Commissioner General of Inland Revenue – CA TAX/05/2009-2014

In the case between Lyceum International School (Private) Limited and the Commissioner General of Inland Revenue, the court addressed the acceptance of tax returns for the assessment years 2002/2003 and 2003/2004. It was held that, per the settlement reached by both parties, the respondent would accept the appellant’s tax returns as accurately stating the amount of tax due and liability for the specified years. This outcome resulted in allowing the appeal and terminating further proceedings, with emphasis placed on the binding effect of settlement agreements approved in open court.

Anil Goonertne J. — Following representations by counsel for both parties indicating that a settlement had been reached, the findings established that the appeal should be allowed on the agreed condition that