[1] This is an appeal to this Court by the appellant against the decision of the High Court dated 5 April 2013 in respect of the appellant's requisition against the Deciding Order by the Special Commissioners of Income Tax ("SCIT").

Facts

[2] The brief facts of the case as found by the SCIT (para 6(a)-(r), Case Stated, pp 32-35, RR Bahagian A & B) are as follows:

2.1 the appellant is a property development company. The appellant buys land, develops the land and sells them. Any profits arising therefrom are regarded as business income and are subjected to income tax under the Income Tax Act 1967 ("the Act");

2.2 sometime in 1992, the appellant identified the properties held under Lots 8874 to 8918, Muara Tebas Land District, Bandar Kuching (hereinafter referred to as "the Lands") as being suitable for long term investment. It intended to build shophouses and complex on the Lands in its entirety or in units. The appellant also planned to build shophouses on another lot of land with the objective of leasing