The Property Assessment Act.

Oamaru Mail, Volume XVII, Issue 5208, 15 February 1892, Page 3

The Property Assessment Act.

(by telegraph.) "Wellington, February 12. The Board of Reviewers sat this rnornin™ and disposed of two cases of some importance. The first was with reference to the interpretation of section 23 of the Property Assessment Act, 1885, as ap plied to transactions with the A.M.P. Society, who had advanced money on properties, which afterwards fell into their hands by purchase through the Registrar of the Supreme Court. The case was brought to determine the value of the property. The Board decided that the amount invested is to remain at the sum originally advanced as distinguished from the sum paid at auction to the Registrar of the Supreme Court, unless the Society can satisfy the Commissioner of Taxes or the Reviewers that the property at the time of purchase through the Registrar was worth less than the amount originally advanced. The other case was in conn'ection with the Wellington-Manawatu Railway Company. Under section 17 of the Property Assessment Act, companies are debarred from deducting liabilities owing to anyone outside the colony, unless that person is represented by a.n agent in the colony responsible for the payment of taxes. This applies to L/ 700,000 of the Manawatu Company's debentures. The Company claimed to be allowed to deduct about L 20,000 of the debentures held by the Commissioner of Public Works in Sinking Fund. After argument, the Reviewers upheld the Company's contention, and allowed the deduction.