Calder Construction Co. Ltd. v Commissioner of Inland Revenue - [1963] NZLR 921

Revenue — Income tax — Company carrying on business for benefit of charitable purposes — Power to apply income in setting aside reserves and providing for development of business — Whether company's income exempt from taxation — Whether exemption extends only to income of which company has divested itself before receipt — Land and Income Tax Act 1954, s. 86 (1) (o).