INCOME TAX APPEAL CASE
PROFITS EARNED IN NEW ZEALAND (“Times” Cables.) (liec. January 27, 5.5 p.m.) London, January 25. Mr. Justice Rowlatt, of the King’s Bench Division, allowed an appeal by the Crown on a case stated by the Inland Revenue Commissioners, in which Dalgety and Co. Limited claimed relief respecting Dominion income tax from 1916 to 1924. The points was whether the amount on which,relief was due was the entire profits earned in Australia and New Zealand, or the balance after deducting the excess of interest paid on the company’s debentures over the amount of income arising in the United Kingdom. The Crown appealed against the Commissioners’ decision that the company was entitled to relief respecting the entire Australian and New Zealand profits.
Mr. Justice Rowlatt held that the income charged with the payment of interest bore a dutiable tax only so far as it exceeded the interest paid therefrom.
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Dominion, Volume 22, Issue 105, 28 January 1929, Page 11
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151INCOME TAX APPEAL CASE Dominion, Volume 22, Issue 105, 28 January 1929, Page 11
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