Davis v Commissioner of Inland Revenue - [1959] NZLR 635

Revenue — Income Tax — Assessment — Profit from the Sale of Land — Property bought for Residence — Subsequent Sale of Sections — Property bought with Intention of Selling Part of It — Such Property not necessarily acquired "for the purpose of selling or otherwise disposing of it at a profit" — Land and Income Tax Act 1923, s. 79 (1) (c).