Commercial Banking Co. of Sydney Ltd. v Federal Commissioner of Taxation
(1950) 81 CLR 26324 ALJ 132
9 ATD 112
[1950] ALR 453
Between: Commercial Banking Co. of Sydney Ltd.
And: Federal Commissioner of Taxation
Judges:
Latham CJ
Dixon J
Higgins J
Williams J
Webb J
Fullagar J
Subject References:
Income Tax (Cth)
Judgment date: 6 June 1950
Melbourne
Commercial Banking Co. of Sydney Ltd. v Federal Commissioner of Taxation.
Appeal allowed with costs. Declare (1) that for the purpose of s. 20 (2) of the Commonwealth Debt Conversion Act 1931, in its application to the ascertainment of ordinary tax and of further tax, no deduction should be made from the amount of interest to which s. 20 applies; (2) that for the purpose of ascertaining the rebate under s. 160AB of the Income Tax Assessment Act 1936-1944 upon the amount of interest to which s. 160AB applies derived by the taxpayer during the year of income the whole of the interest is to be taken to be included in its taxable income. Assessment remitted to the commissioner for amendment in accordance with these declarations.
Federal Commissioner of Taxation v Commercial Banking Co. of Sydney Ltd.
Appeal dismissed with costs.