QUESTION AB Development Sdn Bhd (the company was incorporated on 1 October 2003 with the objective of constructing and developing commercial and residential properties. The company bought a piece of land in February 2004, and applied for development approval in May 2004. However, due to some technical problem, the land was bought over by the government in November 2011. for the purpose of agriculture project. The company was paid RM75 million in March 2013 as the final settlement. The company filed a notice of objection but was rejected. The Inland Revenue Board raised an assessment on the compensation received by the company under the Income Tax Act 1967 (as amended) for the year of assessment 2013. However, the company on the advice of its lawyers, objected to the assessment REQUIRED: (1) Explain the basis on which the Inland Revenue Board raised an assessment on the RM75 million compensation received by the company, (6 marks) Summarize the basis used by AB Development's lawyers in advising the company to object the assessment (14 marks) (11) (Total marke 20 marks) (Overall Total: 100 marks) -END OF QUESTIONS