Northern Roller Milling Company Limited v Commissioner of Taxes - [1953] NZLR 517

Public Revenue — Income Tax — Deductions — Lease reserving Rent but providing Same to be payable at Fixed Reduced Rate — Lessor indebted to Lessee for Payment of Compensation for Buildings — Reduction in Rent representing Instalment of Such Debt set off against Total Rent payable — Equivalent to Capital Sum due by Lessor to Lessee — Total Rent Deductible Annually as "expenditure or loss exclusively incurred in the production of assessable income" — Land and Income Tax Act 1923, s 80(2).