Important Legal Point
[Per Press Association! Wellington, August 31. Iv Banco Mr Justice llichunoud heard the argumont in the c»Rfi of the Commissioner of Taxes v. tho Gear Company. The Gear Company has a mortgage on its business premises in roHpoct of which it pays interest amounting to £1320 per annum. The company deducted that sum from tho income roturn bent iv to tho department, uud the Commissioner now claims X'o7 odd as tax duty upon the interest, which he contends ought not to have been deducted from the return. The deduction is claimed on the ground that interest is part of expenses of the carrying on business, and produciug the couipauy's income. His Honor reserved judgment.
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Bibliographic details
Feilding Star, Volume XV, Issue 54, 1 September 1893, Page 2
Word Count
117Important Legal Point Feilding Star, Volume XV, Issue 54, 1 September 1893, Page 2
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