Fire Damages As Deductible Income
In a reserved decision Given in the Magistrate’s Court in Hastings, Mr. L. G. H. Sinclair. S.M.. found that, an amount of £2999/10-'- paid out as damages following a fire could be deducted from an assessment of income tax for the year ended March 31. 1947. The case was one in which the Omahu Shingle Company. Limited. (Mr. W. E. Bate) objected against the assessment for income tax made by the Commissioner of Taxes. The damages were awarded as the result of a Supreme Court action and in his decision the magistrate said that it was a question of whether the damages were expenditure or loss inclusively incurred in the production of the assessed income and whether the appellant was entitled to deduct these damages from his assessed income. The magistrate decided in favour of the company and awarded £2l costs.
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Bibliographic details
Gisborne Herald, Volume LXXVII, Issue 23316, 27 July 1950, Page 5
Word Count
146Fire Damages As Deductible Income Gisborne Herald, Volume LXXVII, Issue 23316, 27 July 1950, Page 5
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