Grieve v Commissioner of Inland Revenue - [1984] 1 NZLR 101

Income Tax — Assessable income — Expenditure or loss incurred in production of assessable income — Whether loss had been necessarily incurred in the carrying on of a business — Meaning of "business" - Whether a taxpayer must establish not only that he had the intention of making a profit from the particular undertaking but also that there was a prospect of him making a profit — Land and Income Tax Act 1954, s 2.