TAXATION – appeal under Part IVC of the Taxation Administration Act 1953 (Cth) against objection decision – where amended assessments of taxation brought proceeds from the sales of lots on a residential development into account as assessable income – whether assessments were excessive – whether lots on development were trading stock for the purposes of Part 2-25 of the Income Tax Assessment Act 1997 (Cth) – whether property sale was in the course of carrying on a business of property development – where proceeds from the sales of the allotments were capital receipts derived upon the realisation of an asset – where taxpayer embarked upon enterprising means of achieving the best price when realising a capital asset – assessments were excessive – objection decision should be varied in part under s 14ZZP of the Taxation Administration Act 1953 (Cth)
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