Federal Commissioner of Taxation v Shaw [1950] HCA 2

REPORTS OF CAS

DETERMINED IN THE

HIGH COURT OF AUSTRALIA

[HIGH COURT OF AUSTRALIA.]

FEDERAL COMMISSIONER OF TAXATION APPELLANT ;

AND SHAW AND ANOTHER . : 4 : . Respondents.

Estate Duty (Cth.)—Assessment—Right of appeal to High Court from decision of H.C. or A. Valuation Board—* Decision . . . which, in the opinion of the High 1950. Court, involves a question of law —Value of shares in company not listed on — ~~ 'Stock Eaxchange—Hstate Duty Assessment Act 1914-1942 (No. 22 of 1914— MELBOURNE,

~ No. 18 of 1942), ss. 16a, 25 (7). March 29, 30.

The Hstate Duty Assessment Act 1914-1942 provided :—By s. 16a: " (1) Where the Commissioner is of the opinion that it is necessary that the following sing the value for duty of an

Latham ©.J.

provisions should apply for the purpose of asses estate for the purposes of this Act, the following provisions shall apply— (a) the value of shares or stock in any company . . . shall be determined upon the assumption that the memorandum and articles of association or "rules of the company, at the date of death, satisfied the requirements pre- scribed by the Committee or governing authority of the Stock Bxchange at the place where the share or stock register is situate for the purpose of enabling that company to be placed on the current official list of that Stock Exchange. . . (2) Any Board or Court having jurisdiction to determine, for the purposes of this Act, the value of any shares or stock to which the last preced- ing sub-section applies, may substitute its own opinion for, or use its own discretion in lieu of, any opinion or discretion of the Commissioner under that sub-section." By s, 25 (7): "The Commissioner or the objector may appeal to the High Court from any decision of the Valuation Board

which, in the opinion of the High Court, involves a question of law."