Commissioner of Inland Revenue v Farmers' Trading Co Ltd - [1982] 1 NZLR 449

Income tax — Assessable income — Trading profits — Credit sales transactions — Treatment for income tax purposes of instalments payable in future years in respect of sales of trading stock — Purchaser obtained title to goods but paid for them by instalments — Whether the gross profit element in the instalments was rightly recognised and brought into account by the taxpayer for income tax purposes as each instalment became payable — Land and Income Tax Act 1954, ss 77, 78, 88(1)(a) and 92(1).