Catchwords
Taxation and revenue – Income tax – Interest paid on loan for purpose of purchasing land intended for commercial development – Deductions – Interest on borrowed moneys – Losses or outgoings of a capital nature or incurred in gaining assessable income – Temporal relationship between incurred outgoing and receipt of income – Income Tax Assessment Act 1936 (Cth) s 51 (1).
Words and phrases – "The assessable income" – "Outgoings of a capital nature".