Federal Court of Australia
CATCHWORDS
Income Tax - Whether vehicles held under flocor-plan agreement
were trading stock under s.82D(1) Income Tax Assessment Act -
Definition of trading stock - Whether ss.51 and 682D(1) interdependent - Character of floor-plan agreement - Meaning of acquired in s.82D(1) ~ Treatment of evidence as to accounting practice.
Income Tax Assessment Act 1936 ss.6, 51, 6&2B(1) and 82D(1).
COMMISSICNER OCF TAXATION v SUTTONS MOTORS (CHULLORA) WHOLESALE PTY. LIMITED
No. VG122 of 1982.
CCRAM: Bowen C.J., Toohey and Jenkinson JJ.
3 June 1983.
Sydney.
IN THE FEDERAL COURT OF AUSTRALIA
VICTORIAN DISTRICT REGISTRY
GENERAL DIVISION
ON APPEAL FROM
OF VICTORIA
we ew
No. VG122 cf 1982
THE SUPREME COURT
BETWEEN: COMMISSIONER OF TAXATION
Appellant
AND: SUTTONS MCTORS (CKULLORA)
WHOLESALE PTY. LIMITED
CRDER JUDGES MAKING ORDER: Bowen C.J., WHERE MADE: Sydney. DATE: 3 June 1983.
THE COURT ORDERS THAT:
Respondent
Toohey and Jenkinson JJ.
1. The appeal be dismissed with costs.
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IN THE FEDERAL COURT OF AUSTRALIA
VICTORIAN DISTRICT REGISTRY No. VG122 of 1982
wee ww we
GENERAL LIVISION
ON APPEAL FROM THE SUPREME CCURT OF VICTORIA
'
BETWEEN: COMMISSIONER OCF TAXATION Appellant AND: SUTTONS MOTORS (CHULLORA )
WHOLESALE PTY. LIMITED
Respondent
CORAM: Bowen C.J., Toohey and Jenkinson JJ.
3. June 1983 REASONS FOR JUDGMENT
BOWEN C.J.: I have read the reasons for judgment of Tochey 3. and Jenkinson J. I agree with their conclusions but will add some observations.
Counsel for the Commissioner argued that Suttons did not have any trading stock on hand at the relevant time for the purposes of s.62D(1). His argument was based on the proposition that s.82D(1) refers to trading stock of the taxpayer and that merchandise cannot be classed as trading stock of the taxpayer where he does not own it, has no legal obligation to become the owner of it and has incurred no financial commitments in respect of it. He also argued that it is incorrect, as €& matter of
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