PROPERTY ASSESSMENTS.

Auckland Star, Volume XXIII, Issue 36, 12 February 1892, Page 4

PROPERTY ASSESSMENTS.

TWO INTERESTING DECISIONS,

,HY TELEGKAI'II.—I'RKSS ASSOCIATION.)

Wellington, this day. The Board of Reviewers sat this morning and disposed of two cases of somo importance. Tho first was in reference to the interpretation of Section 23 of the Property Assessment Ace, 1883, as applied bo tho t;an.suctioti with tho A.M.P. Society, who advanced money on property, which afterwards fell into their hands by purchase through the Registrar ot tho Supremo Court. The caso was brought to determine the value of property.

The Board decided that the amount invested is to lemain at the sum originally advanced,'as distinguished from the sum paid ab auction to the Registrar of the Supreme Court, unless tiie Society can satisfy the Commissioner of Taxes or reviewers that the property, at tho time of purchase through bhe Registrar, was worth leas than tho amount originally advanced.

The other case was in connection with the Wellington Manawatu Railway Company. Dnder Section 17, of the Property Assessment Act, companies are debarred from deducting liabilities owing to anyone outside the colony, unless that person is represenbed by an agent in the colony responsible for the payment of tho taxes. This applies to 700,000 of the Manawatu Company s debonturos. The Company claimed to be allowed to deduct aboub £20,000 of the debentures held by the Commissioner of Public Works in sinking fund.

After argument the Reviewers upheld tho Company's contention, and allowed the deduction.