Commissioner of Inland Revenue v N V Philips' Gloeilampenfabrieken - [1955] NZLR 868

Public Revenue — Income Tax — Funds made Available to Borrower in New Zealand by Lender in Netherlands — Moneys applied in Discharge of Debt in That Country — Interest paid in New Zealand on Such Loan not "income derived from money lent in New Zealand" — Loan Transaction, not taking place in New Zealand, but in Netherlands — Credit made available by Way of Loan in that Country in Course of Lender's Business there — Interest on Such Loan not "income derived directly or indirectly from any . . . source in New Zealand" — Land and Income Tax Act, 1923, s 87 (j), (n).