COURT OF APPEAL.

Wairarapa Daily Times, Volume XV, Issue 4416, 12 May 1893, Page 3

COURT OF APPEAL.

(By Telegraph,—Press Association), Wellington, Friday. Tho Court of Appeal delivered several judgments this morning in Wollington... In the case Manawatu Railway Company v. the Commissioner of. Taxes, the Court nnanimuusiy held that debenture holders arc liable to the mortgage tax io the extent only of tho value of the land on which the debentures are charged, the value of tho land forming tho railway and permanent way lo be included in this, (though the Act exempts from, the Lmd Tax in the hands of the Company) and to be'laken ai/aotual cost of construction, the mortgages held by tho Company not to be reckoned as land charged by debentures. / Debenture holders aro liable to Income Tax on the income derived from the balance o£ debentures over md above tbe valueof tho land charged, The Company held exemption from Incomo Tax and the projiortion of' the • income derived from tho land forming the railway and permanent way, which tl:cwives are exempted from the Land Tax by v: the Act. No.costs wero nljowedi-;i;7 !?