Prima Ceylon (Private) Limited vs. Commissioner General of Inland Revenue – CA TAX/0009/2009-2022

In Prima Ceylon (Private) Limited v. Commissioner General of Inland Revenue, Department of Inland Revenue, the court addressed the legality of a revised capital gains tax assessment issued following a statutory tax amnesty, including the procedural integrity of the assessment process and liability for penalties. It was determined that the Board of Review’s reference to an incorrect assessment number did not invalidate the proceedings, that the tax authorities acted within statutory powers in issuing a fresh assessment pursuant to the Inland Revenue (Regulation of Amnesty) Act, 2004, and that the assessment was not time-barred due to express statutory provision. The court further established that sufficient reasons for the assessment had been communicated, that the substance of the redempti