Federal Court of Australia
Us
CATCHWORDS
Income Tax - Deductions - Past losses - Insolvent company - Scheme of arrangement - Acquisition of shares in taxpayer by another company after years of loss - Channelling of business to taxpayer - Continuity of beneficial ownership test - Statutory interpretation - Application of amending Act - Whether "person" includes "company" - Whether s.80B(2) (repealed) applicable for purposes of s.80DA(1)(d) during transitional year - Mischief rule - Purpose of acquisition of control -
Income Tax Assessment Act 1936(Cth.) ss.80, 80A, 30B,
80D, 80E, 106B(3) - Income Tax Assessment Act 1973 (Cth.)
{Act No.51 of 1973) ss.8, 9(b), 23(3), 24(4) (a) -
Acts Interpretation Act 1901 (Cth.) s.22(a).
NETWORK ACCEPTANCE PTY. LIMITED v. THE COMMISSIONER OF
TAXATION OF THE COMMONWEALTH OF AUSTRALIA
No. G25 of 1977
Coram : Brennan, Deane and Fisher JJ.
Sydney
1 May 1979.
IN THE FEDERAL COURT OF AUSTRALIA )
) NEW SOUTH WALES DISTRICT REGISTRY )
) No. G25 of 1977 GENERAL DIVISION )
ON APPEAL FROM THE SUPREME COURT OF NEW SOUTH WALES ADMINISTRATIVE LAW DIVISION
BETWEEN : NETWORK ACCEPTANCE PTY, LIMITED Appellant AND H THE COMMISSIONER OF TAXAT- OF THE COMMONWEALTH OF AUSTRALIA Respondent ORDER
JUDGES MAKING ORDER Brennan, Deane and Fisher JJ.
DATE OF ORDER 1 May 1979.
WHERE MADE Sydney.
THE COURT ORDERS THAT:
1. The appeal be dismissed,
2. The appellant pay to the respondent his costs of the
appeal to be taxed.
IN THE FEDERAL COURT OF AUSTRALIA )
) NEW SOUTH WALES DISTRICT REGISTRY )
) GENERAL DIVISION )
No. G25 of 1977
ON APPEAL FROM THE SUPREME COURT OF NEW SOUTH WALES ADMINISTRATIVE LAW DIVISION
BETWEEN = NETWORK ACCEPTANCE PTY. LIMITED Appellant AND : THE COMMISSIONER OF
TAXATION OF THE CO! iONWEALTH OF AUSTRALIA
. Respondent
CORAM : Brennan, Deane and Fisher JJ.
the lst day of May 1979
REASONS FOR JUDGEENT
BRENNAN J : I have had the advantage of reading the judgment prepared by my brother Deane. I agree with the order which he proposes and the reasons for
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