Commissioner of Taxation v Energy Resources of Australia Limited [2003] FCAFC 314

FEDERAL COURT OF AUSTRALIA

Commissioner of Taxation v Energy Resources of Australia Limited

[2003] FCAFC 314

STATUTES – construction – long-standing decisions – use of subsequent amendments – consolidation following judicial interpretation

TAXATION – income tax – trading stock – erroneous valuation – whether capable of amendment

WORDS AND PHASES – "ascertained" Income Tax Assessment Act 1936 (Cth) ss 28, 29, 31 and 31 Income Tax Assessment Act 1997 (Cth) s 70-40(1)

Alcan Australia Ltd, Re; ex parte Federation of Industrial Manufacturing and Engineering Employees (1994) 181 CLR 96 applied Attorney-General v Clarkson [1900] 1 QB 156 cited Babaniaris v Lutony Fashions Pty Ltd (1987) 163 CLR 1 applied Bolton, Re; Ex parte Beane (1987) 162 CLR 514 cited Bourne v Keane [1919] AC 815 applied Brooks v Commissioner of Taxation (2000) 100 FCR 117 cited Cape Brandy Syndicate v Inland Revenue Commissioners [1921] 2 KB 403 cited Carden's case (The Commissioner of Taxes (South Australia) v The Executor Trustee and Agency Company of South Australia Ltd)(1938) 63 CLR 108 referred to Commonwealth Taxation Board of Review (1947) 14 CTBR Case 10 followed Commonwealth Taxation Board of Review (1956) 6 CTBR(NS) Case 12 followed Dennehy v Reasonable Endeavours Pty Ltd; in the matter of Dennehy (A Bankrupt) [2003] FCAFC 158 applied Deputy Federal Commissioner of Taxes (South Australia) v Elders' Trustee and Executor Company Ltd (1936) 57 CLR 610 referred to Grain Elevators Board (Victoria) v Dunmunkle Corporation (1946) 73 CLR 70 referred to Greaves v Totfield (1880) 14 Ch D 563 applied Hanau v Ehrlich [1912] AC 39 cited John v Commissioner of Taxation (1989) 166 CLR 417 Morgan v Crawshay (1871) LR 5 HL 304 cited Ostime (Inspector of Taxes) v Duple Motor Bodies Ltd [1961] 1 WLR 739 referred to Platz v Osborne (1943) 68 CLR 133 applied Prebble v Commissioner of Taxation [2003] FCAFC 165 cited The Commissioner of Taxation of the Commonwealth of Australia v St Hubert's Island Pty Ltd (in liq) (1978) 138 CLR 210 cited The Sara (Hamilton v Baker) (1889) 14 AC 209 cited West Ham Union v Edmonton Union [1908] AC 1 cited Williams v The Official Assignee of the Estate of William Dunn (1908) 6 CLR 425 applied