Carreras Limited has advised that the Court of Appeal in its judgment delivered on February 12, 2010, upheld the appeal of the Cigarette Company of Jamaica Limited to recover the amount of income tax paid to the Commissioner Taxpayer Audit and Assessment of J$1,733.1 million together with costs in the Court of Appeal and the Court below.
Based on the Judgment of the Court of Appeal, the amount paid of $1,733 .1 million is correctly reflected in the financial statements as taxation recoverable.
