Commissioner of Inland Revenue v L D Nathan & Company Limited - [1972] NZLR 209

Income tax — Income tax payable — Assessable income — Expenses exemptions and deductions — Taxpayer company purchasing assets and goodwill of another company — Goodwill included import licences and customer lists — Taxpayer claimed deductions in respect of licences and customer list — Licences and lists properly part of goodwill payment — Impermanence of goodwill irrelevant — Deductions disallowed — Land and Income Tax Act 1954, ss 111, 112(a).