Complex sentence: In respect of the shares, the Inland Revenue Commission (IRC) argued that Vandervell retained an equitable interest (in the shares) and as such, he was liable to pay tax on the value of those shares.
Split into simpler sentences: In respect of the shares, it was argued by the IRC that Vandervell retained an equitable interest (in the shares). As such, he was liable to pay tax on the value of those shares.