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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