9 Jul 2014
BROWN v COMMISSIONER OF INLAND REVENUE [2014] NZHC 1600
- Citation
- [2014] NZHC 1600
- Court
- High Court
Because the appellant had no contractual or legal obligation to be reimbursed by the Trust, the payments were voluntary and therefore not expenditure 'incurred' in deriving assessable income under s DA 1; accordingly interest deductions fail and the shortfall penalty for lack of reasonable care was properly imposed (with reduction under s141FB(2)); s141I did not apply.