Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Futuris Corporation Ltd v Commissioner of Taxation [2007] FCAFC 93
INCOME TAX – Part IIIA Income Tax Assessment Act 1936 – calculation of capital gain where Division 19A applies – Part IVA – alternative assessments to give effect to Division 19A and Part IVA – deliberate overstatement of taxable income and tax payable – validity of amended assessment – sections 175 and 177 – applicability and relevance of compensating adjustment under section 177F(3) Income Tax Assessment Act 1936 (Cth) Div 19A, Part IIIA, ss 175, 177, Part IVA Taxation Administration Act 1953 (Cth) Part IVC
ANZ Banking Group Australia and New Zealand Banking Group Ltd v Commissioner of Taxation (2003) 137 FCR 1distinguished Commissioner of Taxation v Jackson (1990) 27 FCR 1 cited Commissioner of Taxation v Stokes (1996) 72 FCR 160 cited Darrell Lea Chocolate Shops Pty Ltd v Commissioner of Taxation (1996) 72 FCR 175 applied Deputy Commissioner of Taxation v Richard Walter Pty Ltd (1994) 183 CLR 168cited F J Bloemen Pty Ltd v Commissioner of Taxation (Cth) (1981) 147 CLR 360cited Federal Commissioner of Taxation v S Hoffnung & Co Ltd (1928) 42 CLR 39 cited R v Commissioner of Taxation (WA); Ex parte Briggs (1986) 12 FCR 301cited R v Hickman; Ex parte Fox and Clinton (1945) 70 CLR 598 cited FUTURIS CORPORATION LIMITED v COMMISSIONER OF TAXATION SAD 212 OF 2006
HEEREY, STONE & EDMONDS JJ
22 JUNE 2007
MELBOURNE (HEARD IN ADELAIDE)
IN THE FEDERAL COURT OF AUSTRALIA
SOUTH AUSTRALIA DISTRICT REGISTRY SAD 212 of 2006
ON APPEAL FROM A SINGLE JUDGE OF THE FEDERAL COURT OF AUSTRALIA
BETWEEN: FUTURIS CORPORATION LIMITED
Appellant
AND: COMMISSIONER OF TAXATION
Respondent
JUDGES: HEEREY, STONE & EDMONDS JJ DATE OF ORDER: 22 JUNE 2007
WHERE MADE: MELBOURNE (HEARD IN ADELAIDE)
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