Bedford Investments Limited v Commissioner of Inland Revenue - [1955] NZLR 978

Public Revenue — Income Tax — Assessment of Tax — Company formed to purchase Land, subdivide, sell Several Sections, and retain One as "a cheap permanent investment" — Company selling Such Sections, and retaining One — Company deriving "profits . . . from the sale of land" — Such Profit assessable — Sold Sections "trading stock" — Assessment based on "information in his [the Commissioner's] possession" — Ascertainment of Profit on Sold Sections — Quantum of Profit a Matter of Fact — Objection to Commissioner's Finding as to Cost Price of Lots Sold determinable in Magistrates' Court — Land and Income Tax Act, 1923, ss 13 (1), 23, 79 (1) (c) — Land and Income Tax Amendment Act, 1926, s 5 (2A) — (Land and Income Tax Act, 1954, ss 17 (1), 30, 88 (c), 101 (4)).