Nissan Motor Distributors (New Zealand) Ltd v Commissioner of Inland Revenue - [1976] 2 NZLR 185

Income tax — Assessments — Goods purchased on shipment in foreign currency — Foreign currency obtained by loan from third party repayable in US dollars in 180 days — Fluctuation in exchange rate between NZ and US dollars — Cost of goods NZ equivalent of US dollars on date of purchase of goods not on date of repayment of loan.