5 Nov 2018
FRUCOR SUNTORY NEW ZEALAND LIMITED v COMMISSIONER OF INLAND REVENUE [2018] NZHC 2860
- Citation
- [2018] NZHC 2860
- Court
- High Court
Viewing the Arrangement in a commercially and economically realistic way the taxpayer's invocation of the specific provisions (s DB 7 and the financial arrangements rules/Determinations) was within their intended scope and not beyond Parliamentary contemplation; the Commissioner’s group/consolidated economic recharacterisation and 'no cost' theory were inconsistent with the separate-entity framework, the financial arrangements regime and relevant determinations, therefore s BG 1 did not apply, the assessments for 2006 and 2007 were incorrect and associated shortfall penalties were not sustain…