Federal Court of Australia
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CATCHWORDS
INCOME TAX - assessable income ~ joint venture involving taxpayer for construction and letting of building - both companies to subscribe for one-half of shares of subsidiary -
subsidiary to enter construction agreement with taxpayer and to
own land ~ sale of shares in subsidiary - intention of taxpayer on acquisition of shares - diversification of taxpayer's business - whether sale part of business - further allotment of shares pursuant to sale agreement - whether
"profit" made by taxpayer.
Income Tax Assessment Act 1936, ss. 25(1), 26(a), Z6AAA
JENNINGS INDUSTRIES LIMITED v. THE COMMISSIONER OF TAXATION OF THE COMMONWEALTH OF AUSTRALIA
(VG No. 222 of 1983)
BOWEN C.d0., WOODWARD AND FITZGERALD JJ. MELBOURNE
18 APRTL 1984
IN THE FEDERAL COURT OF AUSTRALIA ) VICTORIA DISTRICT REGISTRY ) VG NO. 222 of 1983 GENERAL DIVISION )
ON APPEAL FROM THE SUPREME COURT OF VICTORIA
BETWEEN :
JENNINGS INDUSTRIES LIMITED
Appellant AND:
THE COMMISSTONER OF TAXATION QF THE COMMONWEALTH OF AUSTRALIA
Respondent ORDER JUDGES MAKING ORDER: BOWEN C.d., WOODWARD AND FITZGERALD Jd. DATE OF ORDER: 18 APRIL 1984 WHERE MADE: MELBOURNE
THE COURT ORDERS THAT:
1. The appeal be dismissed.
2. Jennings Industries Limited pay to the Commissioner of Taxation of the Commonwealth of Australia his costs of the appeal.
IN THE FEDRRAL COURT OF AUSTRALIA )
VICTORIA DISTRICT REGISTRY ) VG NO. 222 of 1983 GENERAL DIVISION )
ON APPEAL FROM THE SUPREME COURT OF VICTORIA
BETWEEN :
JENNINGS INDUSTRIES LIMITED
Appellant AND:
THE COMMISSIONER OF TAXATION OF THE COMMONWEALTH OF AUSTRALIA
Respondent
CORAM: Bowen C.J., Woodward and Fitzgerald JJ.
DATE: 18 April 1984
REASONS FOR JUDGMENT
THE COURT: This is an appeal by leave from a judgment of the Supreme Court of Victoria by the taxpayer Jennings Industries Limited. The respondent Commissioner of Taxation issued a notice of assessment on 23 April 1975 in respect of income derived by the taxpayer in the year ended 30 June 1974. The taxpayer objected and the Commissioner issued an amended assessment on 15 July 1977. The sum of $153,457.00 was included in the taxpayer's assessable income in reliance upon
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