Sri Lankan Airlines Limited Vs. The Commissioner General of Inland Revenue – CA TAX/0002/2010-2010

In the case between SriLankan Airlines Limited (Appellant) and The Commissioner General of Inland Revenue, Department of Inland Revenue (Respondent), the court addressed the issues of the finality and conclusiveness of tax assessments for the years 1994/95 and 1995/96 under the Inland Revenue Act and related amnesty legislation, the timeliness and procedural validity of appeals, the classification of interest income from short term deposits for exemption under BOI agreements, and the deductibility of losses incurred during the tax exemption period. It was held that interest income from short term deposits did not qualify for tax exemption as it was not sufficiently connected to the core business of airline operations, and that losses incurred during the tax exemption period could not be ca