Federal Court of Australia
ry PROD Me
JUDGMENT No. 22..J 1TH by Eo.
CATCHWORDS tog ok n Be
Taxation - Allowabie deductions - Losses - Transfer of shares to share~trading partnership — Trading stock - s.36A election - Whether shares trading stock - Whether shares an asset of a business after transfer - Whether necessary that transfer be not in the ordinary course of business - Income Tax Assessment Act 1936-1975, s.6
(Definition of trading stock), s.36, s.36A, s.5l.
The Commissioner of Taxation of the Commonwealth of Australia v. Westracers Pty. Limited
No. G92 of 1977
Coram: Brennan, Deane and Toohey JJ.
Date: 23 March 1979.
Sydney.
>
IN THE FEDURAL COURT OF AUSTRALIA)
) NEW SOUTH WALES DISTRICT REGISTRY) No. G92 of 1977
) GENERAL DIVISION )
ON_APPEAL from the Supreme Court of
New South Wales Administrative Law Division
iN THE MATTER of the Income Tax Assessment Act 1936
BETWEEN:
THE COMMISSIONER OF TAXATION OF THE COMMONWEALTH OF AUSTRALIA
Appellant
AND:
WESTRADERS PTY. LIMITED
Respondent
ORDER JUDGES MAKING ORDER: Brennan, Deane and Toohey JJ. DATE OF ORDER: 23 March 1979. WHERE MADE: Sydney.
THE COURT ORDERS THAT:
1. The appeal be dismissed.
2. The appellant pay the costs of the respondent to be taxed.
IN Ti TRPERAL CouPT OF AUS'LRALTA
BW SOUL WALES DIGPRICT RNCISPRY
Zz
No G92 of 1977
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GENERAT DIVISION
ON APPEAL FROM THE SUPREME COURT OF NEW SOUTT: WALES ADMINISTPATI LAW DIVISION
IN THE MATTER of the Income Tax Assessment Act 1936
BETWEEN THE COMMISSIONER Cr TAXATION OF THE COMMONWEALTH OF AUSTRALIA
Appellant
AND: WESTRADERS PTY. LIMNTTED
Respondent
CORAM Brennan, Deane and Toohey JJ.
Friday, 23 Marcn, 1979.
REASONS FOR JUDGMENT
DEANE J I have had the benefit o* reading the judgment of
Toohey J. I agree with tne conclusions which he reaches and
with the reasons which he advances for those conclusions. I would add some comsents for myself on the question whether tne shares owned by Jensen Mining & Investment Limited ("Jensen") which became the property of Jenspart Trading Company ('Jenspart") were, at the tame of that chonge of ownership, propertj benz
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