INCOME TAX RETURNS

Waikato Times, Volume 94, Issue 14766, 4 October 1921, Page 5

INCOME TAX RETURNS

STANDARD AND SALE VALUES. CASE BEFORE FULL COURT. (Bv Telegraph.—Press Association). WELLINGTON, Tuesday. The Pull Court is hearing argument in the case G. ft. Anson, of Wellington, medical practitioner, against the Commissioner of Taxes. The case, as stated by the Commissioner of Taxes, is Vhat appellant was for several years the owner of a sheep station near Hunterville. In making returns of income he adopted a standard value for his stock in 1915, and this standard value was £3447, and in 1910 £3770. In 1919 appellant sold his stock for £9650.

The appellant claimed that the difference between the amount the stock realised on sale and the standard value was merely increment of capital, brought about by the gradual improvement of stock by careful breeding, and was not assessable for income tax, but the Commissioner claimed that the sum was assessable.

Mr Cooke, for appellant, contended that the facts showed that at no,time did the appellant carry on the business of dealing in sheep or cattle, and therefore any appreciation in value of stock was accretion to capital, and was not liable to income tax. Argument is proceeding.