Europa Oil (NZ) Ltd v Commissioner of Inland Revenue - [1976] 1 NZLR 546

Income tax — Assessable income — Expenses — Taxpayer purchasing feedstocks at posted prices from company A in the same group of companies — Company A purchasing at posted price from company B - Company B's posted price enabled company C to make a profit and pay a dividend equal to 5 cents per gallon on every gallon sold to company A - Half the capital in company C held by wholly owned subsidiary of the taxpayer — Taxpayer entitled to deduct the whole of the posted price for feedstocks as an expense — Companies Act 1955, s 111(a).