Felt and Textiles of New Zealand Limited v Commissioner of Inland Revenue - [1969] NZLR 493

Income tax — Income tax payable — Assessable income — Expenses and deductions — Rearrangement of current debentures at lower interest rate — Capitalisation of present value of interest reduction from date of rearrangement to original due date — Whether amount capitalised a permissible deduction under s. 111 of the Land and Income Tax Act — Discount on debenture issue — Whether amount of discount a permissible deduction under s. 111 — Land and Income Tax Act 1954, ss. 111, 112.