STANDARD CHARTERED BANK ZIMBABWE LTD v ZIMBABWE REVENUE AUTHORITY 2007 (1) ZLR 228 (H)

Flynote

Bills of exchange — Treasury bills — nature of

Revenue and public finance — income tax — gross income — interest accruing on Treasury bills — interest not actually received — when income earned thereon accrues to taxpayer for the purposes of payment — acquisition of a right by holder of Treasury bill to claim payment in the future — such right accruing in the year of assessment — such accrual subject to tax in the year of assessment

Revenue and public finance — income tax — Treasury bill — accrual of right to claim payment in the future — reliance by taxing authority on taxpayer's own accounting procedure — not decisive in determining when income accrues

Revenue and public finance — Treasury bills — meaning and purpose thereof — freely negotiable bearer debt instruments which are sold at a discount of their face value — discount and interest — two sides of the same coin — discount no more than disguised but deferred interest

Words and phrases — "discount" — discount and interest — two sides of the same coin — discount is no more than disguised but deferred interest