Chancery Division.

Judgment delivered 31 July 1986.

Income tax – Schedule D, Case I – Trade – Purchase and sale of land – Land purchased as investment – Whether adventure in nature of trade – Whether Commissioners’ decision unreasonable on facts found – Whether Commissioners misdirected themselves in law.

  This was an appeal by the Crown against a decision of the General Commissioners whereby they discharged assessments to income tax under Sch. D, Case I made on profits arising from a transaction involving the purchase and sale of land.

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