TAXABLE PROFITS.
SALE OF A BUSINESS. Dunedin, March 31. In the case Commissioner of Taxes v. Doughty the judgment of the Appeal Court was that Sir Robert Stout should not have followed the Australian case (Newman’s), but the New Zealand one (Anson’s), and the sale in this case, although putting an end to tho business, was payable as income. A profit here was realised, being in the form of fully paid up shares, and the sum of £58,000 was taxable. The appeal was allowed with costs on the highest scale, also costs in the Supreme Court. Mr. Smith, for the appellant, applied For conditional leave to appeal to the Privy Council and for a stay of execution. Mr Fair objected unless the tax were paid. It had been owing for five years. Mr Smith said it would hamper the appellant to find it at once. The Court allowed conditional leave subject to security for costs and the amount of the judgment.
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Bibliographic details
Hawke's Bay Tribune, Volume XVI, Issue 90, 1 April 1926, Page 3
Word Count
161TAXABLE PROFITS. Hawke's Bay Tribune, Volume XVI, Issue 90, 1 April 1926, Page 3
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