Ceylon Steel Corporation Limited [Formerly known as Ceylon Heavy Industries & Construction Co. Ltd] vs Commissioner General of Inland Revenue – CA TAX/10/2010 & CA TAX/18/2013 -2020

In the case between Ceylon Steel Corporation Limited (formerly Ceylon Heavy Industries & Construction Co. Ltd) and the Commissioner General of Inland Revenue, the court addressed whether tax exemption was applicable to profits from the sale of imported steel wire under an agreement with the Board of Investment (BOI), and if the BOI possessed authority to review agreements determining tax liability. It was held that the tax exemption under the agreement was restricted to activities specifically related to the modernization and upgrading of the factory, and did not extend to profits from the import and sale of stirrups. The principle reaffirmed was that the authority to determine and implement tax liability rests solely with the Commissioner General of Inland Revenue, not the BOI. The findin