Amusing Case Transcript..

Reply: 1
From: Paul Zagoridis

The saddest thing is in the concluding paragraph 13 "Given the onus placed on him...".

He basically cannot prove what he claims. This is not unusual if he was dealing with loan sharks. Yes, I have seen people hand over $1000 cash to some heavy at the door "see you next week" they'd say with a smile. No documentary evidence - the sharks don't keep written records. But they don't declare the interest either.

The lesson? Document everything especially if you get creative. If you lend someone money, get them to sign a promissory note!

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Reply: 1.1
From: Samuel Riley

Here's another classic comment..

He was not aware of any details of how the loans were settled but assumed that the original lenders were repaid or "they would have come after me".

or this one

Mr Yeo submitted that the funds on which interest was claimed must have come from somewhere as he had no funds of his own. He argued that the basis of the loans was normal within his culture, the rate was market rate for such loans (25%!! for those who have not read the article) and the lack of documentary evidence should not preclude his entitlement to a deduction.

This is a classic example of how reality is stranger then fiction and also funnier too..
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