PRIVY COUNCIL.
KAURI TIMBER COMPANY'S APPEAL DISMISSED. By Telegraph—Press Association—Copyright London, July 10. In tho Privy Council appeal case, New Zealand Kauri Timber Company versus tlio Commissioner of Taxes, tlio appeal was dismissed with costs. The Now Zealand Commissioner of Taxes proceeded ngainst the Kauri Timber Company to recover income tax. Tho company objected to taxation on tho value of all tlio timber cut on their lands, since they said, a great part of tlio money received from tlio sale of tho timber was capit.nl, and had to be expended in the purchase of other timber lands, which "were taxed under another .head. The Court of Appeal upheld tho view of tho Commissioner of Taxes. (Sydney "Sun" Special.—July 11, 7.15 p.m.) London, July 10. Baron Shavr, in delivering judgment in the Kauri Timber Company's case, romarked that it had Ion? been the law in Britain Uhat the exhaustion of capital, however treated on strict actuarial principles, might be considered as constituting profit for tlio purposes of taxation.
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Dominion, Volume 6, Issue 1800, 12 July 1913, Page 14
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167PRIVY COUNCIL. Dominion, Volume 6, Issue 1800, 12 July 1913, Page 14
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