20 Nov 07 High Court grants special leave in Futuris Corporation
The High Court has granted the Commissioner special leave to appeal from the decision of the Full Federal Court in Futuris Corporation Ltd v FCT  FCAFC 93.
The Full Federal Court (Heerey, Stone and Edmonds JJ) upheld the taxpayer's appeal from the decision of Finn J, who had dismissed an application made by the taxpayer (Futuris) under s 39B of the Judiciary Act 1903 (Cth) that amended assessments issued by the Commissioner in pursuance of the operation of Part IVA were invalid and ought to be quashed. As a result of the Part IVA assessment, an amount that had previously been included in the taxpayer's assessable income was "double counted", a fact which the Commissioner acknowledged but believed could be corrected by a compensating adjustment under s 177F(3) ITAA 1936.
For a copy of the transcript of the special leave application, go here.