APPEAL COURT.
INCOME TAN CASE. By Telegraph—Press Association WELLINGTON, March 31. Irutlic case Commissioner of Taxes v. Doughty (March 15), the Appeal Court held that -the Court should not have followed the Australian case (Neuman’s), but the New Zealand one (Anson’s), and that the .sale in this ease, although putting an end to the business, was taxable as income. The pro,tit here was realised, being in the form of fully paid up shares, arid the suin of ,£58,000 was taxable. The appeal was allowed, with costs on the highest scale, also costs in the Supremo Court.
Mr Smith, for appellant, applied for conditional leave to appeal to the Privy Council and for a stay of execution. Mr'Fair objected unless the tax was paid, as it had been owing for five years.
Mr Smith said it would hamper appellant to find it at once. The Court allowed conditional leave to appeal, subject to security for costs and amount of judgment being given.
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https://paperspast.natlib.govt.nz/newspapers/THD19260401.2.35
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Timaru Herald, Volume CXXIII, 1 April 1926, Page 7
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161APPEAL COURT. Timaru Herald, Volume CXXIII, 1 April 1926, Page 7
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