High Court of Australia
41 C.L.R.] OF AUSTRALIA. : 75.
to agree with the learned Judge in his construction of this clause. H- 0. oF A- Cases such as The Moorcock (1) suggest that there is implicit in gs this stipulation a promise that the lessor would maintain control of | Masor Bohemia Theatre for the purpose of letting it during the currency Baar of the lease. The plaintiffs have not made this case by their 70% pleading and we cannot adjudicate upon it. Mr. Hogan applied S*"°4- for leave to amend, but it is too late at this stage of the case to
make such an amendment and his clients must be allowed to commence other proceedings if so advised.
Appeal allowed. Cross-appeal dismissed. Judg- ment of Dixon A.J. restored.
Solicitor for the appellant, Albert E. Jones. Solicitors for the respondents, P. J. Ridgeway & Schilling. (1) (1889) 14 P.D. 64.
(HIGH COURT OF AUSTRALIA.)
AUSTIN PASTORAL COMPANY OF :
BRINGAGEE LIMITED . ' SERENE axp
THE FEDERAL COMMISSIONER OF :
TAXATION ; RESPONDENT.
Income Tax (Cth.)—Aasessment—Sale of station—Discontinuance of business— H.C. or A.
Proceeds of sale of sheep — Realization of capital — Assessable income — 1998, " Trading stock" —"* Live-stock used for breeding purposes" —Income Tax 9 ~~ Assessment Act 1922-1925 (No. 37 of 1922—No. 28 of 1925), secs, 4, 17. Meznourne,
June 5-7, 12. By sec. 4 of the Income Tax Assessment Act 1922-1925 "' Trading stock '
means anything produced . . . for purposes of . . . sale." By seo, Knox C.J. 17 it is provided that "'(1) the proceeds derived from the sale of the whole
H.C. or A. 1928.
AvstTIN PasroraL Co, oF BRINGAGEE Lrp.
v FeperaL Commis- SIONER OF Taxation.
Tune 12.
HIGH COURT [1928.
ov part of the trading stock of any business . . . (. . . onthe sale of a business . . . for the purpose of discontinuing the business) shall be assessable income," and also that " (4) in this section . . . the expression ' trading stock' does not include live-stock which in the opinion of the Commissioner
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