Commissioner of Inland Revenue v Parson (No. 2) - [1968] NZLR 574

Income tax — Allowance — Allotment of shares by company to employee following an offer by the company so to do and acceptance of that offer by the employee — Consideration less than market value of the shares at the material date — Agreement by employee that should he leave the company during a period of five years from the date of allotment, the shares would go to a company staff fund on repaying to the employee the amounts he had paid for the shares — Whether employee's entitlement arose on acceptance of the offer or on allotment of the shares — Whether any benefit accruing to the employee was an "allowance" and so amenable to tax — Land and Income Tax Act 1954, s. 88 (1) (b).