12 Aug 2016
COMMISSIONER OF INLAND REVENUE v VECTOR LTD [2016] NZCA 396
- Citation
- [2016] NZCA 396
- Court
- Court of Appeal
Section CC 1(2)(g) "other revenues" does not encompass amounts of a capital nature; the $53,000,000 Consideration was a capital receipt because Vector effectively and permanently disposed of or impaired its income‑producing rights in the Tunnel and NSTC, so s CC 1 did not render the Consideration assessable income.