FC of T v AUSTRALIA AND NEW ZEALAND SAVINGS BANK LIMITED

Judges: Gleeson CJ
McHugh J
Gummow J
Kirby J

Callinan J

Court:
Full High Court

MEDIA NEUTRAL CITATION: [1998] HCA 53

Judgment date: Judgment delivered 2 September 1998

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Callinan J

38. I agree with the reasons and orders proposed by Gleeson CJ.

ORDER

In each of matters M108/1997 and M109/1997 -

1. Appeal allowed with costs.

2. Set aside the orders of the Full Court of the Federal Court of Australia entered on 21 July 1997 and in lieu thereof order that:

• (a) the matter be remitted to the Commissioner of Taxation for reassessment:
  • (i) in accordance with the reasons for judgment of this Court and;
  • (ii) so far as the deductibility of interest is concerned, in accordance with the judgment of Jenkinson J entered on 18 March 1996.
• (b) respondent to pay the costs of the appellant of the proceedings in the Federal Court of Australia, including reserved costs.