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OCEAN AND OIL LIMITED v. FEDERAL BOARD OF INLAND REVENUE

(2016) JELR 36908 (CA)

Court of Appeal  •  CA/L/177/2008  •  24 May 2016  •  Nigeria

Coram
UZO I. NDUKWE-ANYANWU JCA; CHINWE EUGENIA IYIZOBA JCA; TIJJANI ABUBAKAR JCA;

Judgement

UZO I. NDUKWE-ANYANWU, J.C.A. (Delivering the Leading Judgment): This is an appeal against the decision of the Federal High Court sitting at Lagos delivered on the 3rd day of May, 2007 by HONOURABLE JUSTICE I. N. AUTA.

The facts as briefly stated are as follows:

On the 27th of September 2000, Ocean and Oil Services Ltd issued a statement in the Guardian Newspapers i.e. Exhibit FBIR 1. Pursuant to Exhibit FBIR 1 the Respondent concluded that the income of the Appellant, (the Applicant at the Lower Court) an offshore company was within the meaning of Section 13(2)(a) and (b) of the CITA derived from and/or accrued in Nigeria. The Respondent without further ado issued Exhibit A, B, C and D wherein, pursuant to a budget speech by the Head of State of Nigeria made in 1996 proceeded to assess the deemed profit of the appellant on turnover at 20%. It is the case of the Appellant that the assessments by the Respondent were unreasonable and were made without jurisdiction. The Appellant also con…

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