Commissioner of Inland Revenue v Lyndale Motors (1972) Ltd - [1991] 2 NZLR 379

Revenue — Income tax — Allowable deduction — Directors' fees of private company — Whether company definitively committed to expenditure — Whether expenditure incurred in tax year although not paid out at date of hearing — Expenditure not quantified until seven months after end of tax year — Income Tax Act 1976, s 104.

Company law — Practice — Meeting of directors/shareholders — Formalities not observed — Decision not minuted — Effect of unanimous assent of shareholders — Commitment to expenditure by company.