17 Dec 2013
HARLOCK v THE COMMISSIONER OF INLAND REVENUE [2013] NZHC 3389
- Citation
- HARLOCK v THE COMMISSIONER OF INLAND REVENUE [2013] NZHC 3389
- Court
- High Court
The Court held that the Commissioner’s application of the overpaid income tax was a statutory exercise under RM10 and not a "transaction" by the company within s 292; moreover s 310 operated from the commencement of liquidation to effect automatic mutual set-off so that the purported set-off could not be challenged as a voidable transaction, and the trustee argument failed as no trust arose in the statutory tax context.