COMPANY'S TAXATION.
FOB EXEMPTION.
DISALLOWED BY FULL COURT.
(By Telegraph.—'Press Association.)
WELLIXGTOX, this day.
Judgment of the Full Court was given this 'morning in the case of Wright, Stephenson and Co., Ltd. v. the Commissioner of Taxes, heard on May 4. The company claimed exemption from taxation of a sum of £10,702, being an amount paid by the company to its pension and benefit" fund for the benefit of its employees. The Commissioner of Taxes disallowed the claim.
The Full Court gave judgment affirming the decision of the Commissioner. Judges Sim and Salmond held that no part of the sum was deductible from assessable income, no matter what the destination of the profits.
The decision of the Commissioner was therefore upheld, and costs £10 10/ were allowed.
Mr. Justice Stringer de+ivered a dissenting judgment. Mr. Myers asked for leave to appeal to the Privy Council direct. The app!i2ation was adjourned.
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Auckland Star, Volume LII, Issue 157, 4 July 1921, Page 6
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150COMPANY'S TAXATION. Auckland Star, Volume LII, Issue 157, 4 July 1921, Page 6
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