19 Dec 2014
WESTPAC SECURITIES NZ LTD v COMMISSIONER OF INLAND REVENUE [2014] NZHC 3377
- Citation
- [2014] NZHC 3377
- Court
- High Court
Section 113 is not confined to correcting only assessments that are objectively incorrect; the Commissioner may in appropriate cases exercise the s 113 discretion to amend assessments that reflect a legally available but disadvantageous choice by a taxpayer, and section IC5(4) does not, by its wording, deprive the Commissioner of the power to amend such elections; whether to exercise the discretion is for the Commissioner to decide.