Lowe v Commissioner of Inland Revenue - [1981] 1 NZLR 326

Income tax — Profits derived from sale of land — Taxpayer purchased land for market garden — Three years later he decided to subdivide and sell the land — Commissioner included proceeds of sale of land as assessable income under s 88AA (1) (d) of the Land and Income Tax Act 1954, as inserted in 1973 — Whether capital gains were assessable under para (d) — Whether Commissioner's method of calculating profit could be upheld — Whether inflation could be taken into account — Whether profits had been "derived from" the sale.