|
|
Transactions between associated persons.
|
72.—(1) Where, in the course of exempted trading operations, the company carrying on the operations (hereafter in this subsection referred to as the buyer) buys goods from another person (hereafter in this subsection referred to as the seller) and—
|
|
| |
(a) the seller has control over the buyer or, the seller being a body corporate or partnership, the buyer has control over the seller or some other person has control over both the seller and the buyer, and
|
|
| |
(b) the goods are sold at a price less than the price which they might have been expected to fetch if the parties to the transaction had been independent parties dealing at arm's length, then, a computation of the income or losses of the seller, for any purpose of the Tax Acts, shall be made as if the goods had been sold for the price which they would have fetched if the transaction had been a transaction between independent persons dealing as aforesaid.
|
|
| |
(2) In this section “control” has the meaning assigned to it by section 158.
|
