EXCESS PROFITS DUTY

Dominion, Volume 13, Issue 257, 24 July 1920, Page 8

EXCESS PROFITS DUTY

APPEAL OP A BANK ALLOWED.

Tho Full Court yesterday allowed the anneal of tho Union Bank of Australia, Ltd., against an assessment of the Commissioner of Taxes' adjudging the bank to be liablo for payment of excess proiitß duty. [For the'purposes of oiccbs profits duty undor Part 2 of the Finanoe Act, 1916, the Commissioner assessed the total income of tho bank for tho year ending March 31, 1516, aa amounting to £595,140, and assessed the New Zsaland income of tho bauk under section 21 of the Act as amounting to £99,182, In arriving at th# total Income of tho bunk the Commissioner refused to make any deduction 'in ' respect of a sum of £55 697, representing a loss made by the baqk in realising during tho year certain investments, It was made clear at the hearing of the case that if tho bank was ontitled to have that amount deducted in tho computation of its total income under sectioU 21, then it was not liable to pay eny excess proilts duty. The investments in question consisted of Consols and other similar marketable securities in tho United Kingdom.! N ' ...