INCOME-TAX DISPUTE
CHALLENGE OF ASSESSMENT APPEAL, VERDICT RESERVED (By Telegraph—Press Associaiion.) WMjLINGTON, Sept. 27. The Appeal Court reserved its decision in the appeal by T Bryant and May and Bell and Company Ltd. versus the Commissioner of Taxes, concerning assessment of income tax. Mr James, second counsel for the appellant, submitted that “capital” in taxing statements meant fixed and not circulating capital, and “interest’.’ not deductible from assessable income meant interest on circulating capital Would lead to consequences so unjust that it would be impossible to suppose that the legislature intended it so to be read. The Solicitor-General, for the Commissioner of Taxes, was not called upon.
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Hawera Star, Volume LIII, 28 September 1933, Page 5
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107INCOME-TAX DISPUTE Hawera Star, Volume LIII, 28 September 1933, Page 5
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