Railway Timber Co Ltd v Commissioner of Inland Revenue - [1977] 1 NZLR 655

Income tax — Objections to assessment — Objector not being a dealer in land forming a company with other persons with other skills — Company purchasing more land that required for its principal purpose which was developing an industrial site as an investment — Part of land zoned deferred industrial C when purchased, subsequently rezoned residential — Aggregate profit from sale of surplus land and rezoned land not assessable as income — Land and Income Tax Act 1954, s 88(1)(c).