THE PROPERTY ASSESSMENT

Otago Witness, Issue 1933, 25 February 1892, Page 11

THE PROPERTY ASSESSMENT

ACT. Wellington, February 12. The Board of Reviewers sat this morning and disposed of two cases of some importance. The fiiht was with reference to the interpretation of section 23 of " The Property Assessment Act 1835," as applied to transactions with the A.M. P. Society, who had advanced money on property which afterwards fell into their hands by purchase through the registrar of the Supreme Court. The ease 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 tiie Supreme Court, unless the society can .satisfy the Commissioner of Taxes or the Re\ iewers that the property at the time of purchase through tho registrar was worth less than the amount originally advanced.

The other f;is« was in connection with the Wellington - Tilsm.iw.itu flail* ay Company. Under section J7 ol the Property Ass.-ssinuit | Act companies are debarred iro:n deducting | liabilities owing to i.nyonc outbid" ibo colony, I unless that piisoui-i i ('presented by an ayent in the colony lesponsible for p-iyinent ot tho [ taxes. Thi.-Tiipphes to L 700,000 of the Mana- ' watu Company's debentures. The company I claimed to be allowed to deduct about L20,0Q0

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.