[1] The appellant, Kenny Heights Development Sdn Bhd ("KHD") appealed to this court against the decision of the High court made on 22 May 2014, to allow with costs of RM5,000.00 the appeal by the respondent, Ketua Pengarah Hasil Dalam Negeri ("the KPHDN") against the deciding order of the Special Commissioners of Income Tax ("the SCIT") which set aside the determination by the KPHDN dated 1 March 2013.

Brief Facts

[2] The brief facts may be stated as follows:

(a) This case concerns agreements both dated 14 August 2000 ("the S/P agreements") for the sale by KHD of the subject lands in the respective agreements to Mycom Berhad and to Olympia Industries Berhad.

(b) The S/P agreements were subject to pre-conditions as follows:

i. Approval of the Securities Commission for the transfer of "consideration shares" to KHD;

ii. Approval of the Securities Commission to list the consideration sha