Commentary

B5.657 Concerns where profits arise out of land—docks

Business tax
Business tax | Commentary

B5.657 Concerns where profits arise out of land—docks

Business tax | Commentary

B5.657 Concerns where profits arise out of land—docks

The fact that the profit of a dock and harbour board has by statute to be applied to a sinking fund for the purpose of paying off the debt which was incurred in the construction of the docks, does not prevent the profit from being assessable to income tax1.

Where the dredging of a harbour had been financed by a bank overdraft, which was later paid off out of money raised on the security of bonds, it was decided that a sum paid in redeeming a bond was a proper deduction on the

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