No. 874.–COURT OF SESSION, SCOTLAND (FIRST DIVISION).–

17TH NOVEMBER, 1932

Income Tax, Schedule D – New business – Relief in respect of loss – Finance Act, 1926 (16 and 17 Geo. V, c. 22), Section 33.

  The Respondent commenced business on 1st June, 1929. The first accounts of his business were for the period of ten months to 31st March, 1930, and showed a loss of £61. His second accounts were for the year to 31st March, 1931, and showed a profit of £142. The Respondent’s Income Tax liability was computed for the Income Tax years as follows:–

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