Lowe v Commissioner of Inland Revenue - [1983] NZLR 416

Income tax — Profits derived from land — Calculation of profit — 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 of the Land and Income Tax Act 1954, as inserted in 1973 — Taxpayer challenged Commissioner's method of calculating the profit — Whether inflation could be taken into account when calculating profits.