MARINA NOMINEES LTD. V. FEDERAL BOARD OF INLAND REVENUE

KAZEEM, J.S.C. (Delivering the Leading Judgment): The point for consideration in this appeal falls within a narrow compass; and it is whether or not the appellant, a limited liability company incorporated under the Companies Act, 1968, and which earned fees (income) within the period under review, was liable to pay corporate tax under the Companies Income Tax Act, 1961. The facts on which the whole matter revolved may be stated thus:- A firm of Accountants named Peat Marwick Casseleton Elliott and Co. (here-in-after called "Peat Marwick") was acting as Secretaries to a number of limited liability companies; and according to the provisions of the Companies Act, 1968, whenever there is a change of Secretary of a limited liability company, the Company concerned is obliged to file returns with the Registrar of Companies of such change. Peat Marwick while acting as Secretaries to their clients, was making use of members of their staff as such Secretaries. But whenever those employees left …