Commissioner of Inland Revenue v Wattie - [1999] 1 NZLR 529

Revenue — Income tax — Profit or gain — Whether any profit element in price received for undertaking to pay inflated rental — Whether price received assessable income — Income Tax Act 1976, s 65(2)(a) and (l).

Revenue — Income tax — Assessable income — Premium paid by lessor to lessee for undertaking onerous lease — Income Tax Act 1976, s 65(2)(a).

Revenue — Income tax — Assessable income — Receipt not attributable to a particular year — Whether payment could properly be brought into reckoning for a particular year — Receipt for undertaking obligation for substantial period — Premium paid by lessor to lessee.