An Important Judgment
Judgment in the case of the Commis« sioner of Taxes v the Bank of Australasia was delivered by Mr Justice Sichmond on Saturday. The bank claimed that in assessing the tax on its income the Commissioner should allow a deduction with regard to the interest paid on money received on deposit at interest in London, but the Commissioner refused to make any such deduction. His Honor decided that the bank was entitled to claim as a disbursement in respect of the New Zealand business, interest paid in London upon the portion of deposits used in the Colony in carrying on business, and to deduct the same from the gross income when estimating the gain and profits in respect of which the bank is to be asses* sed for the purpose of ascertaining its liability to income tax. Judgment was therefor* entered for the bank with £12 128 costs. Mr Bell received judgment for the plaintiff, and Mr Hislop for the Commissioner of Taxes.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/FS18931113.2.21
Bibliographic details
Feilding Star, Volume XV, Issue 115, 13 November 1893, Page 2
Word Count
166An Important Judgment Feilding Star, Volume XV, Issue 115, 13 November 1893, Page 2
Using This Item
No known copyright (New Zealand)
To the best of the National Library of New Zealand’s knowledge, under New Zealand law, there is no copyright in this item in New Zealand.
You can copy this item, share it, and post it on a blog or website. It can be modified, remixed and built upon. It can be used commercially. If reproducing this item, it is helpful to include the source.
For further information please refer to the Copyright guide.
Log in