NO. 1125–HIGH COURT OF JUSTICE (KING’S BENCH DIVISION)–

23RD, 24TH AND 29TH JANUARY, 1940

Income Tax, Schedule D – Business of acquiring properties for modernization and letting or resale – Furnished premises bought and relet – Basis of assessment in respect of profits of letting.

  The Appellant Company carried on the business of buying properties and accepting surrenders of leases with a view to modernizing the premises and letting or selling the property so modernized. At no time had it equipped buildings for the purpose of letting furnished.

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