Commissioner of Income Tax (Queensland) v. The Bank of New South Wales (1913), 16 C.L.R. 504 (HC of A.)

A bank issued shares at a premium of £5 per share and for accounting purposes credited the amount of the cash premium received to its profit and loss account. The premium was "not an accretion to any other capital: it has not arisen from the use of any other capital; it is an original sum brought into the general stock of working capital", and was an exempt receipt.

A bank issued shares at a premium of £5 per share and for accounting purposes credited the amount of the cash premium received to its profit and loss account. The premium was "not an accretion to any other capital: it has not arisen from the use of any other capital; it is an original sum brought into the general stock of working capital", and was an exempt receipt.