Australian Knitting Mills Limited (in Liquidation) v Federal Commissioner of Taxation [1923] HCA 5

31 O.LR.] OF AUSTRALIA. sil

"This may be admitted ; but, as was said by Fry L.J. in Werle & Co. 4 ba as 1923.

——s

upon a variety of circumstances. In my opinion, the Commissioner Brockry was right in his assessment of the profits of the venture in this case Ppprnav

as income from personal exertion. The taxpayers contributed a {COMMS fund of about £5,000 for the purchase of wheat scrip which might Taxation. be bought and sold in lots as opportunity offered, and as a matter — starke J.

of fact the scrip was sold in several lots at different times. The

yenture was intended to, and did in fact, involve a series of acts

or transactions.

vy. Colquhoun (1), the question is one of fact, not of law, depending

Question 1 answered: Yes.

Solicitors for the appellant, F. G. Smith & McHacharn. Solicitor for the respondent, Gordon H. Castle, Crown Solicitor for

the Commonwealth. B.L. (1) (1888) 20 Q.

., 753, at p. 761.

(HIGH COURT OF AUSTRALIA.)

THE AUSTRALIAN KNITTING MILLS

LIMITED (IN LIQUIDATION) jf APpELLanr;

AND

THE FEDERAL COMMISSIONER OF | 2 TAXATION | -ESPONDENT.

H.C. of A.

| War-time Profits Tar—Assessment—Profits of business—Deduction—Calls paid on 1923. shares in company—War-time Profits Tax Assessment Act 1917-1918 (No. 33 of | ——~

1917—No. 40 of 1918), secs. 10 (1), 15 (2)—Income Tax Assessment Act 1915- MeLBouRNe, 1918 (No. 34 of 1915—No. 18 of 1918), sec. ; Feb. 26, 27; (Vo. 34 of IN15—No. 18 of 1918), sec. 18 (1) (i). EDR

See. 10((1) of the War-time Profits Tax Assessment Act 1917-1918 provides that | 7 o nox C.5.»

"The profits arising from any business shall be separately determined for Isaacs, Higgins,

the purposes of this Act, but shall be so determined on the same principlesias gis 33)

H. C. oF A. 1923, aw

AUSTRALIAN

Krrrinc

Mitts Lop.

(ay Liguips- TION)

v. FEDERAL Comanis- SIONER OF TAXaqion.