Egmont Co-operative Dairies Ltd (In Liquidation) v Commissioner of Inland Revenue - [1996] 2 NZLR 419

Revenue — Income tax — Assessable income — Timing — Insurance receipt under business interruption policy — Policy proceeds relating to period when same were tax exempt received after income became taxable — Whether insurance receipt proceeds amounted to profits or gains derived from a business or income from any other source — When insurance receipt was derived — Co-operative Dairy Companies Act 1949 — Dairy Board Act 1961, ss 18, 26, 26A and 26C — Income Tax Act 1976, ss 38(2), 65(2)(a) and (1) and 201(1).