NO. 104.–EXCHEQUER DIVISION (IRELAND).

13TH, 14TH, and 16TH JUNE 1887.

Income Tax.–Profits.–A city corporation is empowered by its Waterworks Act to supply water beyond the city boundaries.–Any income thus arising must be paid into a consolidated fund available for all the purposes of the Act.

  

  Held, That the excess of receipts over expenditure in respect of the extra-municipal supply constitutes ‘Profit’ chargeable with Income Tax.

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