LIBEL PAYMENTS
NOT ASSESSABLE FOR PURPOSES OF TAXATION Rec. Nov. 21, 10.35 p.m. Sydney, Nov. 21. The High Court delivered an important deeision to newspapers when it held that the Melbourne Herald and Weekly Times was entitled to deduct from the Federal income tax, sums paid as compensation . to persons claiming damages for libel, together with costs, which the Commissioner of Taxes had disallowefl. The Court held that the thing which produced assessable income was the thing which had exposed the newspaper to liability, and was discharged by expenditure. The Taxation Commissioner had maintained that the amount described as damages had been excessively expended in production of assessable income.
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Rotorua Morning Post, Volume 2, Issue 386, 22 November 1932, Page 5
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109LIBEL PAYMENTS Rotorua Morning Post, Volume 2, Issue 386, 22 November 1932, Page 5
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