APPEAL COURT

Hokitika Guardian, 11 October 1929, Page 5

APPEAL COURT

PARTICULARS OF JUDGMENT. (By Telegraph—Per Press Association.) WELLINGTON, October 10. In the case of the Government Life Insurance Commissioner, v. the Attor-ney-General, the judgment was delivered by Hon. M. Myers, Chief Justice, who said: “The words ‘taxable income ’ in section 99 (2) having regard to the context and purpose of the sub-section must, in our opinion, mean ordinary taxable income or taxable income other than income from debentures. This harmonises with the provisions of sections 118 and 119, because as already shown, income derived by holders of debentures is assessable and chargeable with income tax separately from income derived by debenture holders from other sources. It follows that the view taken by the Insurance Department is in our opinion right and the Department is entitled under section 99 (2) to a refund or rebate equal to the difference between 2s 3d in the £ and the amount actually paid.. This, it seems to ns, sufficiently answers the questions asked by the originating summons an 1 it is not necessary to answer tha;n cate gorically.” There was no order as to costs, ns counsel had come to an agreement cn the point.