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{\pntxtb (}{\pntxta )}}{\*\pnseclvl9\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}\pard\plain \ltrpar\qr \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1577286 \rtlch\fcs1 \af0\afs22\alang1025 
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\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2503721\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 Civil Jurisdiction}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2503721\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid6828769\charrsid2503721 MARINE MANAGEMENT LIMITED}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1577286 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2503721\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 v}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1577286 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2503721\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid6828769\charrsid2503721 DEPUTY COMMISSIONER INLAND REVENUE}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1577286 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2503721\charrsid2503721 
\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1577286 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9256694\charrsid2503721 G}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 ouldV.P., O}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1642514\charrsid2503721 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 Reagan }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1577286\charrsid2503721 J}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 .A., Mishra }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 J}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2503721 .A.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2503721\charrsid2503721 
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\f0\fs24\insrsid1577286\charrsid2503721 July}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2503721  1983}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1642514 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 (Income Tax Act}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1577286\charrsid2503721  - }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 
attempted deduction }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1577286\charrsid2503721 of interest}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 
 on loan taken out to acquire shares and dividends to taxpayer and management fee thereby}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1577286\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 -}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1577286\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 Management fee paid to taxpayer from Company in which shares held}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\f0\fs24\insrsid1577286\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1577286\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid6828769\charrsid2503721 S.19}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1577286\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid1577286\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 "for the purp}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1577286\charrsid2503721 oses o}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\f0\fs24\insrsid9256694\charrsid2503721 f}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid7481643\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid9256694\charrsid2503721 " }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid1577286\charrsid2503721 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid9256694\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1577286\charrsid2503721 investment or property.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 ") 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 K. R. Handley Q. C. and G. M. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1577286\charrsid2503721 J}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid6828769\charrsid2503721 . }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1577286\charrsid2503721 Jo}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 hnson}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  for Appellant }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 Grace H. Fong}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  for Respondent
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 Appeal by Marine Management (taxpayer) against a decision of the Supreme Court, reported at 28 FLR 60. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 The history of the events giving rise to the litigation was: 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6031442 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 
\par 1. De}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 puty Commissioner}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 Inland Revenue disallowed a deduction claim
ed by the taxpayer for interest it had paid on a loan referred to below. Thereupon the taxpayer appealed to the Court of Review. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 
\par 2. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 The Court of Review}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
considered the deduction should have been allowed and would have allowed the deduction. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 
\par 3. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 The Dep}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 u}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 t
y Commissioner of Inland Revenue appealed to the Supreme Court against the decision of the Court of Review. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 
\par 4. Th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 e Supreme Court set aside that decision; it would have disallowed the deduction. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 
\par 5. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 Marine Management accordingly appealed against the Supreme Court judgment, contending the deduction should have been allowed. 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1642514 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
\par The facts set out by the Court }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 of Review}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 were accepted and quoted in the present appeal. They included that Marine Management Limited (Marine) borrowed $600}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9256694\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 000 from a bank which it used to purchase Fairmile Enterprises Limited}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  (Fairmile). That Company held 53.3% of the shares in Blue Lagoon Cruises Limited (Blue Lagoon) a successful income earning }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 tour company}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 . By that shareholding}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
the Court of Review considered Fai}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 rm}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ile would control Blue Lagoon. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 Marine was to manage Blue Lagoon for which the latter would pay a fee of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 7% of its gross receipts (not exceeding $13}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 0,000}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
) to Marine. Marine paid interest of $157}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 77}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1577286\charrsid2503721 8}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  to the lender on the loan and received its management fee. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 The issue in the litigation was as to how the deduction made in its tax }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 return}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 by Marine}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 hould be treated, having regard to the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 terms}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 of Income}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  Tax Act }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13334228\charrsid2503721 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 Cap}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 .}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  201) (the Act) S}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 19 (}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ) (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1577286\charrsid2503721 f}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ) and (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 h}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 )}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid13334228\charrsid2503721 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 S.19 in relevant parts read:}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1642514\charrsid2503721 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\tx720\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6031442 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 "19. In determining total i
ncome, no deductions shall be allowed in respect of .............. . 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
) any disbursement or expense }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 not being money whol}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1577286\charrsid2503721 ly}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid6828769\charrsid2503721  and exclusive}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1577286\charrsid2503721 ly}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 
 laid out or expended for the purpose of the trade}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1577286\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid1577286\charrsid2503721 business,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721  profession}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1577286\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721  employment or vocation }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1577286\charrsid2503721 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721  taxpayer}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ; .................................................}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 ...............................}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 . 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6439681 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6031442 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid1577286\charrsid2503721 f}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ) any expense incurred in respect of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721  -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 
\par }\pard \ltrpar\ql \li1440\ri0\nowidctlpar\tx1440\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid6031442 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 (i) ............................. 
\par (ii) any investment or property the income }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 arising from}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 which will not be included in total income or, }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 if so}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 included, will be exempted under section 16 or 17 of this Act, or will not be included in chargeable income under any of the provisions of this Act; }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6031442\charrsid2503721 
\par 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\tx720\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6031442 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ...................................................
.. . 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6031442 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 h}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ) }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 interest}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 , other than interest }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 
actually}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  incurred }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 in the production }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid1577286\charrsid2503721 of income}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ." }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6519949\charrsid2503721 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6519949 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6519949\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 The Court of Review had held the deduction was not barred by S.19 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 b}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ) and (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 h}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ). 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1642514 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 As to S.19 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 f}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 )}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  it held that the interest related to both the management fee (income of Marine) and dividends (presumably from Blue Lagoon direct to Marine or via Fairmi}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 le}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  if it still existed) which however were subject to exemption from tax. See S.17 (37) of the Act. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 The Court }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 of Appeal}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 noted that its first duty }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 was to}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 construe the statutory provisions in accordance with the primary canons of construction. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 The Court considered separately the subsections of S.19. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 Held}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 : }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 S}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13334228\charrsid2503721 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 l9 (}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ) 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1577286\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 The interest }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 on the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 mortgage was an expense wholly and exclusively laid out or expended for the purposes of the appellant}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1642514\charrsid2503721 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 s business. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 S}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13334228\charrsid2503721 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 19 (}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 f}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ) (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 ii}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ) 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 This subsection did not admit of the same approach in construction as did paragraph (b). The key words were "investment or property". The only possible "investment}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6519949\charrsid2503721 \'b7}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
was investment in the capital of Fairmile}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6519949\charrsid2503721 ;}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 and the only possible "property" were the shares in Fairmile. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 The crucial question was whether the management fee }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 w}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 as "income arising from such investment or property". 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 The Management fee did not arise from the investment or}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 proper}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 t}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
y but from the efforts of those who carried out the work of the management. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 The claim for deduction was totally barred by S.19 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 f}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 ) (ii). 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 Appeal dismissed. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 Cases referred to: 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 Lowe v }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid13334228\charrsid2503721 CIR}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6519949\charrsid2503721 [}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 1981}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6519949\charrsid2503721 ]}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  1 NZLR 326}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6519949\charrsid2503721 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 Cape Brandy Syndicate v }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid13334228\charrsid2503721 CIR}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6519949\charrsid2503721 [}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 1921}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6519949\charrsid2503721 ]}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  1 KB 64}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6519949\charrsid2503721 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6708743\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 Usher}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1642514\charrsid2503721 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 
s Wiltshire Brewery Limited v Bruce}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6519949\charrsid2503721 [}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 1915}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6519949\charrsid2503721 ]}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  AC 443}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6519949\charrsid2503721 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid13334228\charrsid2503721 Ure v FCT }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 (1981) 11 ATR 484}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid13506733\charrsid2503721 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 Accident}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6439681\charrsid2503721 al}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 
 Insurance}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid13334228\charrsid2503721  Co}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  7 QBD 216}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid13506733\charrsid2503721 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 Accident}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6439681\charrsid2503721 al I}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 
nsurance}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid13334228\charrsid2503721  Co Ltd}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13590912\charrsid2503721 
(1880) }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 6 QBD 42}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13506733\charrsid2503721 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \scaps\f0\fs24\insrsid6828769\charrsid2503721 O}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \scaps\f0\fs24\insrsid1642514\charrsid2503721 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \scaps\f0\fs24\insrsid6828769\charrsid2503721 R}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \scaps\f0\fs24\insrsid2164239\charrsid2503721 eagan}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \scaps\f0\fs24\insrsid6828769\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 Judge of Appeal 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 
\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6708743 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid6828769\charrsid2503721 Judgment of the court
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1642514 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 This is an appeal from a judgment }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  Supreme Court (reported at 28 FLR 60) allowing an appeal from a decision of the Court }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 of Review}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  against the disallowance by the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 Commissioner}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 of Inland Revenue of an objection by the appellant to an assessment of income tax payable for the year ending 31st May 1980. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid14240197\charrsid2503721 
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 The findings }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 of fact}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 made }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 by the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 Court of Review were adopted by the Supreme Court and are accepted by Counsel. It is on the basis of such that we consider the questions of law which fall for decision. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 Those fin}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 din}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
gs, as recorded in the judgment of the Court of Review are as follows: 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6031442 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 "Blue Lagoon Cruises Limited is a }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 company}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  operating out of La}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 ut}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 oka and conducts tours throughou
t the Yasawa Islands off Western Viti Levu. It is a public company, but 53.3% of its shares are held by a company called Fairmile Enterprises Limited (which I shall hereafter refer to as "Fairmile"). That was a company wholly owned by Claude Ivan MilIar w
h
o had founded Blue Lagoon Cruises Limited (which I shall call "Blue Lagoon") and his family, who thus controlled Blue Lagoon. In 1978 Millar wanted to retire and David Neale Wilson and Stanley Harold Quigg became interested in buying his interest in Blue 
L
agoon. Wilson was a tour and marketing agent and was interested in two companies already operating in Fiji, New Zealand Pacific Marketing Limited and Tapa Tours Limited, and Quigg was an engineer, at that time managing Air Pacific Limited on secondment fr
o
m Qantas, but about to leave Air Pacific and return to Qantas. The two of them negotiated with Millar and eventually they agreed to buy Fairmile for $800,000, which would thus give them control of Blue Lagoon. To enable them to finance this arrangement, t
h
ey formed a company called Marine Management Limited with a capital of $500,000 in $1 shares, of which 210,000 were issued, one each to Wilson and Quigg, 125,999 to New Zealand Pacific Marketing Limited in which Wilson held all but one of the issued share
s
, and $3,999 to a concern called Cantabrian Trust which was controlled by Quigg. They arranged for Marine Management Limited to borrow $600,000 from the Bank of New South Wales, which sum together with $200,000 put up by the shareholders of Marine Managem
e
nt Limited enabled that company to complete the purchase of Fairmile. It should perhaps be said that both Wilson and Quigg realised that the talents of both of them would be fully utilised for some time in the management of Blue Lagoon, and they intended 
that Blue Lagoon should pay a substantial management fee to Marine }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid14240197\charrsid2503721 Management Limited}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
. Accordingly when, with the acquisition of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 Fairmile, Wilson and Quigg came into a}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721  p}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 osition where they became directors of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6708743\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 Blue Lagoon, and the former chairman, one of the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 first}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  actions of the directors was to engage Marine Management Limited to manage Blue Lagoon and t}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid14240197\charrsid2503721 
o pay that company a fee of 7}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11674605\charrsid2503721 \'bd}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 % of the gross receipts }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6708743\charrsid2503721 of Blue}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  Lagoon, with a ceiling of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11674605\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 $130,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 000}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 . The sum has now been }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 paid for}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  two years, although for the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 
first}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  year, since Blue Lagoon}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1642514\charrsid2503721 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 s financial year goes from }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11674605\charrsid2503721 1st}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid14240197\charrsid2503721  J}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 une to 31st May and the management fee became payable only from 9th August 1978, only that proportion from 9th August to 31st May 1979 was paid. 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1642514 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6031442 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 When Marine Management Limited cause}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 d}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  its accounts}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 to be prepared, it showed among its expenses a sum o}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 f }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 $}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 5}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 7,778 which had been paid as interest to the Bank }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 of New}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  South Wales in respect }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6708743\charrsid2503721 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  loan of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721  $}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 600,000}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid14240197\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 to which I have previously referred. The Commissioner of Inland Revenue disallowed the deduction. Marine Management Limited objected}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 ,}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  and the Commissioner disallowed the objection. Marine Management }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11674605\charrsid2503721 Limited }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 .................................. thereupon appealed to this Court." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1642514 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 We note in passing that the total of the four parcels }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 of shares}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  said to have been issued is 80}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
000 less than the total said to have been issued. Nothing, however, turns on that. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 In its notice }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 of appeal}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 to the Court }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 of Review}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  the appellant put its appeal on the grounds that the deduction }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  interest paid was not excluded as a deduction "by S.19(f
) (or any other provision) of the Income Tax Act 1974." It}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1642514\charrsid2503721 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
s original letter of objection had stated that the ground }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 of objection}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 that the interest was "not excluded by S.19(f) of the Act or any other paragraph under S.19." By subsection 6 of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 S.61 of the Income Tax 1974 it was (unless leave to the contrary was obtained) limited to the grounds stated in the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 objection}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721  I}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 n the event}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  the issues on the appeal to the Court of Review were whether or not there was authority for}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 the disallowance }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 of the}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  deduction under paragraphs (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 )}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13650114\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid6828769\charrsid2503721 f}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ) and (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 h}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 ) of S.19. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 The relevant parts of S.19 read: 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6031442 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 "19. In determining total income}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid13650114\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  no deductions shall be allowed in respect of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13246965\charrsid2503721 
...................................................................................
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6031442 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13246965\charrsid2503721 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6031442 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid6828769\charrsid2503721 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ) any disbursement or expense }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 
not being money wholly and exclusively laid out or }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6708743\charrsid2503721 expended for}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721  the purpose }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6708743\charrsid2503721 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721  trade}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6708743\charrsid2503721 ,}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721  business}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6708743\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721  profession}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6708743\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721  employment or vocation of the ta}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid6708743\charrsid2503721 x }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 payer}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
;.................................................................................}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6031442\charrsid2503721 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6031442 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6031442\charrsid2503721 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6031442 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ...... 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6031442 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13246965\charrsid2503721 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6031442 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid6828769\charrsid2503721 f}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ) any expense incurred in respect of 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1642514 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
\par }\pard \ltrpar\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid6031442 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
(i) ........................................................................... }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13246965\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 (ii) any investment or property the income }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 arising from}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  which will not }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 e included in total income or}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 if so}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  included}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 will be exempted under section 16 or 17 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 of this}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  Act}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid10487186\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  or will not }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 e included in chargeable income under any of the provisions of this Act}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13246965\charrsid2503721 ;
\par }\pard \ltrpar\ql \fi-360\li1800\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1800\itap0\pararsid13246965 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13246965\charrsid2503721 
............................................................................................}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1642514 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6031442 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid6828769\charrsid2503721 h}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ) }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 i}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid10487186\charrsid2503721 nterest}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  other than interest }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 actually i}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid13246965\charrsid2503721 n}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 curred in }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid13246965\charrsid2503721 t}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 he production }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid16543635\charrsid2503721 of income}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1642514 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13246965 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 The Court of Revie}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid16543635\charrsid2503721 w}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 , held that the deduction was not }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 b}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 arred }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 y paragraphs (}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid16543635\charrsid2503721 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ) and (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 h}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ) of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 S.19. And on a consideration }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 of paragraph}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 f}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ) it held that the interest (the "expense incurred") related to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 both}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  the management fee received from Blue Lagoon}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 (which }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 inevitably}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  would }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid13246965\charrsid2503721 be}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  included in the total income of the appellant and not exempted) and dividends (to which the exemption provided }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 by}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  S.17(37) applied).
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1642514 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 It went on to hold that the paragraph operated as a partial bar to the deduction on the basis that part of the amount cla
imed could be allowed as a deduction as referable to non-exempt income ("the management fee") and the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 other}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721  part}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13246965\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid332759\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 referable to exempt}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 income}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13246965\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid13246965\charrsid2503721 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 dividends) and not allowed. And in}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 the}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 end,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 it}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
made an apportionment of 50% to each category and allowed a deduction of half the amount claimed. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 The company}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1642514\charrsid2503721 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
s income for the fiscal years ending on 31st May of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
both 1979 and 1980 are shown in the profit and loss statement for the latter year: 
\par 
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts59\trgaph108\trleft612\trftsWidth3\trwWidth4554\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid332759\tbllkhdrrows\tbllkhdrcols\tbllknocolband
\tblind720\tblindtype3 \clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1942\clshdrawnil \cellx2554\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl 
\cltxlrtb\clftsWidth3\clwWidth1116\clshdrawnil \cellx3670\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth380\clshdrawnil \cellx4050\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl 
\clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1116\clshdrawnil \cellx5166\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid14122392\yts59 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid620058\charrsid2503721 Income}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid620058\charrsid2503721 \cell }\pard \ltrpar
\qc \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid14122392\yts59 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid620058\charrsid2503721 1980\cell \cell 1979\cell }\pard\plain \ltrpar
\ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid620058\charrsid2503721 \trowd \irow0\irowband0\ltrrow
\ts59\trgaph108\trleft612\trftsWidth3\trwWidth4554\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid332759\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind720\tblindtype3 \clvertalt\clbrdrt\brdrtbl 
\clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1942\clshdrawnil \cellx2554\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1116\clshdrawnil \cellx3670\clvertalt
\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth380\clshdrawnil \cellx4050\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1116\clshdrawnil 
\cellx5166\row \ltrrow}\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid14122392\yts59 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid620058\charrsid2503721 \cell }\pard \ltrpar
\qc \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid14122392\yts59 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid620058\charrsid2503721 $\cell \cell $\cell }\pard\plain \ltrpar
\ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid620058\charrsid2503721 \trowd \irow1\irowband1\ltrrow
\ts59\trgaph108\trleft612\trftsWidth3\trwWidth4554\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid332759\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind720\tblindtype3 \clvertalt\clbrdrt\brdrtbl 
\clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1942\clshdrawnil \cellx2554\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1116\clshdrawnil \cellx3670\clvertalt
\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth380\clshdrawnil \cellx4050\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1116\clshdrawnil 
\cellx5166\row \ltrrow}\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid14122392\yts59 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid620058\charrsid2503721 Interest}{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid620058\charrsid2503721 \cell }\pard \ltrpar
\qr \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid620058\yts59 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid620058\charrsid2503721 312\cell }\pard \ltrpar
\ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid14122392\yts59 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid620058\charrsid2503721 \cell }\pard \ltrpar
\qr \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid620058\yts59 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid620058\charrsid2503721 144\cell }\pard\plain \ltrpar
\ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid620058\charrsid2503721 \trowd \irow2\irowband2\ltrrow
\ts59\trgaph108\trleft612\trftsWidth3\trwWidth4554\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid332759\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind720\tblindtype3 \clvertalt\clbrdrt\brdrtbl 
\clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1942\clshdrawnil \cellx2554\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1116\clshdrawnil \cellx3670\clvertalt
\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth380\clshdrawnil \cellx4050\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1116\clshdrawnil 
\cellx5166\row \ltrrow}\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid14122392\yts59 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid620058\charrsid2503721 Management fee\cell }\pard \ltrpar
\qr \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid620058\yts59 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid620058\charrsid2503721 130,000\cell \cell 108,333\cell }\pard\plain \ltrpar
\ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid620058\charrsid2503721 \trowd \irow3\irowband3\ltrrow
\ts59\trgaph108\trleft612\trftsWidth3\trwWidth4554\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid332759\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind720\tblindtype3 \clvertalt\clbrdrt\brdrtbl 
\clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1942\clshdrawnil \cellx2554\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1116\clshdrawnil \cellx3670\clvertalt
\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth380\clshdrawnil \cellx4050\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1116\clshdrawnil 
\cellx5166\row \ltrrow}\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid14122392\yts59 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid620058\charrsid2503721 Dividend\cell }\pard \ltrpar
\qr \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid620058\yts59 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid620058\charrsid2503721 \cell \cell 60,000\cell }\pard\plain \ltrpar
\ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid620058\charrsid2503721 \trowd \irow4\irowband4\ltrrow
\ts59\trgaph108\trleft612\trftsWidth3\trwWidth4554\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid6031442\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind720\tblindtype3 \clvertalt\clbrdrt\brdrtbl 
\clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1942\clshdrawnil \cellx2554\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1116\clshdrawnil \cellx3670\clvertalt
\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth380\clshdrawnil \cellx4050\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1116\clshdrawnil 
\cellx5166\row \ltrrow}\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid14122392\yts59 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid620058\charrsid2503721 \cell }\pard \ltrpar
\qr \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid620058\yts59 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\ul\insrsid6031442\charrsid2503721 ______
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\ul\insrsid620058\charrsid2503721 130,312\cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid620058\charrsid2503721 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\ul\insrsid6031442\charrsid2503721 
_______
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\ul\insrsid620058\charrsid2503721 168,477\cell }\pard\plain \ltrpar\ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid620058\charrsid2503721 \trowd \irow5\irowband5\lastrow \ltrrow
\ts59\trgaph108\trleft612\trftsWidth3\trwWidth4554\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid6031442\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind720\tblindtype3 \clvertalt\clbrdrt\brdrtbl 
\clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1942\clshdrawnil \cellx2554\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1116\clshdrawnil \cellx3670\clvertalt
\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth380\clshdrawnil \cellx4050\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1116\clshdrawnil 
\cellx5166\row }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1642514 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 The first item, interest, is }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 of no}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  present relevance. But it is apparent that whereas the appellant received both the management fee and the dividend in the 1979}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721  y}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ear, it received only the management fee in the fiscal year ending 31st May 1980. The case has to do with the latter year. Accordingly, whilst the approach the Court }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 of Review}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  made to the matter and the considerations to which it addressed itself would not
 have been inappropriate }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 if it}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 had been considering the 1979 year, the question of apportionment of the interest could not possibly arise in the 1980 year}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  when the only income however arising in respect of which the interest could possibly be claimed to be an "expense incurred" were the management fees which}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid10487186\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  as we have already remarked, clearly would have to be included in the total income. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 Extraordinary as it may seem}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  this factor and its effect were overlooked by Counsel in both the Courts below and by the Judge in the Supreme Court and by the Court of Review}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid332759\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  Mr Handley, in the course of his review }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 of the}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  judgment of the Court of Review during his submissions on the issue of apportionment}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  alluded to the fact and submitted that}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 subject only to the question whether apportionment is legally open, the reasoning of the Court of Review on the topic was correct. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 In his appeal to the Supreme Court the respondent submitted that the Court of Review erred in law in holding that the appellant}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1642514\charrsid2503721 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 s claim to the deduction was not barred in its entirety by both paragraphs (b) and (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid16543635\charrsid2503721 f)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  (ii) of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 Section 19 and barred as to seven-twelfths thereof by paragraph (h) of Section 19. He submitted also that the Court }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 of Review}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  erred in law in holding that apportionment was (i) legally }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 permissible}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  and }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5858048\charrsid2503721 ii}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 ) factually }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 justifiable}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
. In his judgment Kermode J. held that the claim to the deduction was not barred by S.19 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5858048\charrsid2503721 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 )}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  but was }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 b}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 arred into toto }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 by}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  S.19(}
{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5858048\charrsid2503721 f}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ) (ii); and that }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 
because}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  it was totally barred }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 by}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  that }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 sub}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 -paragraph (and not partly}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid5858048\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  as held }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 by}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  the Court }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 of Review}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ) the question }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 of apportionment}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  did not arise. He said}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid16543635\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  however}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  that question }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 of apportionment}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 had arisen he would have agreed with the Court of Review. In the circumstances there was no occasion for his }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5858048\charrsid2503721 g}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 ivin}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5858048\charrsid2503721 g}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  reasons for that view and}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid5858048\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  in the event}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  he gave none. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 As to the ground of appeal bearing on the provisions of S.19 (h)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  we find the easiest way to record the learned Judge}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1642514\charrsid2503721 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 s views on the matter is to quote the relevant passage from his judgment. He said: 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11104211 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 "I am unable to appreciate }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 why}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  Mr Scott argues in the alternative }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 that the
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  Court should have apportioned the deduction because Section 19(h) was deleted from the Act with effect from 1st January 1980. I}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid16543635\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 do}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 appreciate that the Section was only in force for}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721  7}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 months so far as the Company}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1642514\charrsid2503721 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid16543635\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 1980 return was concerned}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5858048\charrsid2503721 .}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5858048\charrsid2503721 It}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  appears to me that Section 19(h) only }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 had to}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  be }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 c}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ons}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 i}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 dered}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 if}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721  i}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 n}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 terest was "not actually incurred in the production of income." Such interest was already excluded from Section 19 (h) }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 because}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  on the facts }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 it was}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 interest incu}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 rr}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ed in production of income and deletion of Section 19 (h
) in the circumstances made no difference ..............." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1642514 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 It is now common ground that the learned Judge misconceived the real }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 s}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ignificance of the reference to seven-twelfths in this submission. If the claim was barred at all by S.19 (h)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 ,}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  the bar operated for only 7 months }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  fiscal year, that i}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  until }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 st J}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 a}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 nuary 1980 at which date the repeal }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 of that}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 paragraph took effect. And it seems to us that it was implicit in the respondent}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1642514\charrsid2503721 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
s submission that he allowed that, if its contention that paragraph (h) was a bar was upheld, then it applied only to seven-twelfths of the amount. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 The ground for the appeal to this Court is that the Supreme Court "erred in f
act and law, or proceeded on a wrong principle in finding that interest paid on the loan was independent }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 of income}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  derived from management fees and thus not an }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 expenditure}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 incurred in the course }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  production }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid416127\charrsid2503721 of that}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  income and accordingly that the appellant}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1642514\charrsid2503721 '}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 s claim for a deduction was barred in its entirely by Section 19 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 f)}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  (ii) of the Income Tax Act 1974". 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 Despite the wording of the notice, an appeal lies on a point of law only. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 The respondent gave notice of his desire to contend on the appeal that the learned Judge in the Supreme Court erred in holding that Section 19 (b) did not wholly debar and S. 19(
h) did not partially debar the deduction sought. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 In opening the case for the appellant, Mr Handley informed us that the appellant now accepts that paragraph (h) of S. 19}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5858048\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 while it remained in force, operated to disallow the claim for deduction and that accordingly the appellant no longer disputed that part }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 of the}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  respondent}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1642514\charrsid2503721 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 s notice }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 of contention}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 . And he submitted, paragraph (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 h}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ) having b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 een repealed with effect from 1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 st January 1980, that for the remaining five months }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 1980 fiscal year it was only paragraphs (b) and (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5858048\charrsid2503721 f)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 which posed any threat to the success of the claim for deduction. The concession now made, narrows the ambit }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  appeal. It now relates only to the period from 1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 st January to 31}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 st May 1980}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  in respect }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid416127\charrsid2503721 of which}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  the appellant seeks a restoration }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 of the}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  decision of the Court }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 of Review}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  that the claim to deduction was partially barred }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 by}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 paragraph (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 f)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  (ii) and confirmation }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid16543635\charrsid2503721 by}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  this Court of the decision of the Court of Review}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 ,}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  approved as it was }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 by}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 the Supreme Court}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  that the amount of the interest could }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid416127\charrsid2503721 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 e apportioned and that one }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 half of}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721  the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  claim should be allowed. And }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 if those}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 sub}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
missions are upheld the practica}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 l}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  effect will be that the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid416127\charrsid2503721 appellant}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  will }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 e allowed a deduction of $12}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 037 }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 eing five-twelfths of half the total amount of the ori}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid416127\charrsid2503721 g}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 inal claim of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 $57}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5858048\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 778}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid416127\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  and}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  of course}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  will }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid416127\charrsid2503721 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 e allowed the deduction in the same basis in future years}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 .}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 In t}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 he}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5858048\charrsid2503721 two }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 judgments delivered in the Courts }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 b
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 elow reference were made to a great many cases dealing}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  in some instances}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  with statutory provisions in other}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
jurisdictions similar to those which are of present concern and in other cases with kindred provisions markedly d}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 i}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 ssimilar from such. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 No}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  dou}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 t}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  those factors}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 to some extent at least, influenced if not dictated}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  the course of events in this Court. In the r
esult, we}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  too, were referred to a great number }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid416127\charrsid2503721 of cases}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  of the kinds just referred to and learned Counsel for the respondent submitted to us a comparative table }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  relevant statutory provisions in various parts of the Commonwealth and South Africa and
 an excursus on the comparative law on the relevant topics. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 We acknowledge that it was the fruit of great industry and while we found it helpful in our consideration of the case we did not overlook to remind}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721  ourselv}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 es that before availing ourselves of the aids of such material and such cases, our}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid416127\charrsid2503721  first du}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ty was to const}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 r}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 ue that statutory provisions in accordance with the primary canons of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721  constructio}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 n. As Richardson J.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 recently put it, in }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 L}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid416127\charrsid2503721 o}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 we v. Commissioner }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid416127\charrsid2503721 of Inland}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721  Revenue}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2503721  (1981) 1 NZLR}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  326, at p. 342: }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 
\par 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11104211 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
" ....... interpretation .............................. must }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 t}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
urn on the scheme and language of the statutory provision giving the words their ordi}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 n}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
ary meaning in their context." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1642514 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 And we have recalled with profit the classic statement of Rowlatt J. (so frequently acknowledged by Judges of great name and high station as a Judge with outstandi}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 n}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 g knowledge of this subje}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 ct}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6246228\charrsid2503721 )}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 
Cape Brandy Syndicate v. The Commissioners of Inland Revenue}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2503721  (1921) 1 KB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  64, at p. 71: 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11104211 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 .............. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 in a taxin}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
g statute you have to look simply at what is clearly said. There is no room for any intendment; there is no equity about a tax}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid3435006\charrsid2503721 ;}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  there is no presumption as to a tax}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid3435006\charrsid2503721 ;}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  you read nothing in}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid3435006\charrsid2503721 ;}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  you imply nothing}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid3435006\charrsid2503721 ;}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  but you look fairly at what is said and what is said clearly and that is the tax." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1642514 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 and earlier in the same page, in referring to a maxim which had been referred to in argument: 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11104211 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
"It does not mean that words are to be unduly restricted against the Crown or that there is to be any discrimination against the Crown in such Acts." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1642514 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 And so we proceed. We find it convenient to deal with the issues arising on the appeal and on the respondent}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1642514\charrsid2503721 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 s notice pursuant to Rule 19 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 of the}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  Court of Appeal Rules in the order in which they find source in Section 19 of the Act. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 Should the deduction }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid416127\charrsid2503721 of interest}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid6828769\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid416127\charrsid2503721 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 e disallowed by v}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid6246228\charrsid2503721 irt}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 ue }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid416127\charrsid2503721 of paragraph}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid6828769\charrsid2503721  (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6246228\charrsid2503721 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 ) }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid416127\charrsid2503721 of Section}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721  19? 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 Section 19(b) so far as it is applicable}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  reads: 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11104211 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
"In determining total income no deduction shall be allowed in respect of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12649244\charrsid2503721 .......................................................................................}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 a}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
) ..................................... 
\par (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid12649244\charrsid2503721 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ) any disbursement or expense not being money who
lly or exclusively laid out or expended for the purpose of the business............................................ of the taxpayer." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1642514 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 Construing those words, in their ordinary meaning we hold them to mean that the interest, "the disbursement of expense"}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid416127\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 will not be disallowed if it is expended solely for the purpose of the appellant}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1642514\charrsid2503721 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 s business. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 The Shorter Oxford Dictio}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid416127\charrsid2503721 nary}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid416127\charrsid2503721  1}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 972 Revised Edition, gives the words "wholly" and "exclusively" as synonyms; "Wholly" to mean "entirely so as to exclude ever}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 
ything else; hence practically = }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 exclusively, solely only"; and "exclusively" to mean in an exclusive sense or manner, solely". 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 In our view therefore paragraph (b) means that interst paid will not be disallowed as a deduction if it is paid solely for bus
iness purposes. The interest was paid to service the mortgage, to keep it current and thereby to give the appellant continued }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 u}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 se }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  capital sum it had borrowed }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 for the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  purpose }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 of purchasing}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  its }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 holding in}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 Fairmile Enterprises Limited. Those moneys }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 remained so}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  invested during the }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 fiscal}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 year in question. The purchase of the shares was the lynch pin to all enterprises upon which the company wished to embark and did embark. All in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 all, we}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  think it beyond peradventure that the interest on the mortgage was in expense "wholly and exclusively expended for the purpose }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6708743\charrsid2503721 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 ap}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 pe}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 ll}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ant}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1642514\charrsid2503721 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721  busine}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 ss}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1642514\charrsid2503721 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
and that both the learned Judge in the Court below and the Court }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 of Review}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 reached the correct conclusion on the question. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 Should the deduction of interest be disallowed by virtue of paragraph f (ii) of Section }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid12649244\charrsid2503721 1}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 9? 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 Section 19 (f) (ii)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 so far as it is presently relevant, reads: 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11104211 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 In determining total income}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 no deduction shall be allowed in respect of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12649244\charrsid2503721 .......................................................................................}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4609984 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11104211 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid6828769\charrsid2503721 f}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ) any expense incurred in respect of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1642514\charrsid2503721 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4609984 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
\par }\pard \ltrpar\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid11104211 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid6828769\charrsid2503721 i}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ) ................................. 
\par (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 ii}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ) any investment or property the income arising from which will not be included in 
the total income or, }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 if so}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 included will be exempted under Section 16 or 17 of this Act or will not be included in the chargeable income under any of the provisions of this Act." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1642514 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
\par We have already adverted to the fact that consideration }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 of this}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  provision i
n both Courts below proceeded on the basis that "the inv}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 e}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 stment or property" had produced }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 by way}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 of income}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  in the fiscal }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 year in}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 question, both}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 the management fee paid by Blue Lagoon Cruises Limited and dividends from Fairmile Enterprises Limited. But}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  as we have seen}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 there were no dividends received by the appellant in that year. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 In our view, paragraph (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 f}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 ) does not admit of the same approach in the construing }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 of it}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 as does paragraph (b). In the later, the focus placed on "purpose" gave room for consideration }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 of all}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  the facts found by the Court of Review as to the motives and intentions of the founders of the Company and, indeed, the inference to be drawn from such facts}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2896815\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 see }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 Usher}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1642514\charrsid2503721 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid6828769\charrsid2503721 s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 Wiltshire Brewery Limited v. Bruce}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2503721  (1915) A}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 C}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  443 per Lord Summer at 466 and }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 Ure v. Federal Commissioner}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2896815\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid6828769\charrsid2503721 o}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2896815\charrsid2503721 f }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 Tax}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid2896815\charrsid2503721 a}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 tion}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2503721  (1981) 11 ATR}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  484 per Deane and Sheppard J. J. at p. 495. In paragraph (f) (ii), however, the key words are "investment or property" whic
h do not admit of such a wide inquiry. First must be identified the investment or property of the company with which we are to}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721  concern}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  ourselves if the paragraph is to be}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 of}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 application. And when we address ourselves to this question we find that the only 
possible investment by the appellant in respect of which the interest was incurred is the investment in the capital of Fairmile Enterprises and the only possible property is the parcel of shares in that company. And, indeed the respondent in both the Cour
ts below and in this Court has so allowed. He has allowed also that the expense incurred by the appellant in the form of interest accruing on the loan obtained to buy the shares wa}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2896815\charrsid2503721 s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  in respect of an "investment" or "property". 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 The crucial question is whether the management fee was "income arising from" such investment or property. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 The Court of Review did not address itself to the question in that form but it is clear from it}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 s}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  finding that in its opinion the answer was in the affirmative. And indeed }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 that is}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  implicit from the following passage in which it linked the expenditure of interest with the management fee. The passage reads: 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11104211 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
"In my view the expense on the expenditure of interest is }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 related to}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  the }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 production}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  of two matters of income}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 ,}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  the management fee and the dividends}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  in the sense that if there had been no loan a}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 n}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
d consequently no expenditure for interest}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  there would have been no management fee and no dividends.
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1642514 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 And that passage indicates also that the Court of Review considered there was sufficient nexus between the investment made with the loan }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2896815\charrsid2503721 moneys}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  and the management fee to enable it to conclude that the fee had arise}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7878175\charrsid2503721 n}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  from the investment. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 Kermode J. in the Supreme Court took a narrower view of the matter. His view was that the investment played no direct or }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2896815\charrsid2503721 relevant}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  part on earning the management fee that the fee was solely derived from the management activities of the company. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 We think that the learned Judge was right. In our view the question is concluded by the decisions of the Court of Appeal in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid6828769\charrsid2503721 Lawrence v. Accident Insurance}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2503721  7 QB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 D 216 in which the Court followed }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 Winspear v. Accident Insurance}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  6}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7878175\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2503721 QBD}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  42. Both ca}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2896815\charrsid2503721 s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 es have to do with the construction of the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 
words "arising from" in excepti}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 on in policies }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 of insurance}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  but we are }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6708743\charrsid2503721 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 opinion that the construction placed upon the words as }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 of general}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 rather than particular application. In the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 Lawrence}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 case the phrase for consideration was "in case of death arising from fits" and the facts were that the insured had fallen from a 
railway platform on to the rails whilst in a fit and whilst lying there was accidently run over by a train and killed. The insurer submitted that it was a case of death arising from a fit. That submission was rejected and in rejecting it Watkin Williams J
. prayed in aid the maxim }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 injure non remota causa sed proxima spectatur}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  and cited Lord Bacon}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1642514\charrsid2503721 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 s translation and paraphra}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2896815\charrsid2503721 s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 e of it with these words: 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11104211 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 "It seems to me that the well known maxim }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 of Lord}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  Bacon}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 ,}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  which }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 is applicable to all departments of the law}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2896815\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  is directly applicable in this case. Lord Bacon}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1642514\charrsid2503721 '}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 s language in his maxims of the law}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  Reg. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  runs thus:}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1642514\charrsid2503721 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9726392\charrsid2503721 'I}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 t were infinite }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 
for the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  law to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 consider the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  causes }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 of causes,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  and their impulsions one of another}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7878175\charrsid2503721 ;}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  therefore it contenteth itself with the immediate cause.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid9726392\charrsid2503721 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1642514 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 And he went on: 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11104211 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 Therefore I say according to th}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 e true principle of la}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2896815\charrsid2503721 w,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
 we must look at only the immediate and proximate cause }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7758801\charrsid2503721 of death}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  and it seems to me to be }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7758801\charrsid2503721 impracticable}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  to go }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7758801\charrsid2503721 back}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  to cause upon cause which would lead us }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7758801\charrsid2503721 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 ack ultimately to the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7758801\charrsid2503721 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 irth of the person}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7758801\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  for }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7758801\charrsid2503721 if he}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  had never }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7758801\charrsid2503721 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 een }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7758801\charrsid2503721 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 orn the accident would not have happened ...................................................}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7758801\charrsid2503721 .................................. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 It is essential to that construction that it should }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid9726392\charrsid2503721 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 e made out that the fit was a cause in the sense of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7758801\charrsid2503721 b}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 eing the proximate and immedi}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7758801\charrsid2503721 ate caus}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 e ................................................. and it is not the less so }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16543635\charrsid2503721 because}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7758801\charrsid2503721 y}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
ou can show another cause intervened and assisted in the causation."
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1642514 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 Denman L. J. held that the fact that the words "arising from" had a}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7758801\charrsid2503721 lread}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 y received identical judicial construction in the case of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 Winspear v. Acci}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid7758801\charrsid2503721 d}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 e}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid7758801\charrsid2503721 n}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid6828769\charrsid2503721 t Insurance Co}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 . (supra) was conclusive. . 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7758801 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7758801\charrsid2503721 W}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6828769\charrsid2503721 e hold}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7758801\charrsid2503721 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  therefore, the management fee did not arise from "th}
{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7758801\charrsid2503721 e}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721  investment or pr
operty" and that the claim for deduction is thus totally barred by virtue of paragraph 19(}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid7758801\charrsid2503721 f}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7758801\charrsid2503721 )}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 (ii). And, as we have already noted, the question of apportionment, on the facts, does not arise. 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1642514 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 The remaining question in the appeal was whether the deduction was barred by paragraph (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 h}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 ) of Section 19. Because, however, of the concession made by Mr Handley during the argument, that question no longer arises. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 The appeal is dismissed with costs. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6828769\charrsid2503721 Appeal dismissed. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10487186\charrsid2503721 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 [Editor}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1642514\charrsid2503721 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6828769\charrsid2503721 
s Note: a further appeal to the Privy Council is reported at 32 FLR 67]. 
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