BARR, CROMBIE & CO., LTD. v COMMISSIONERS OF INLAND REVENUE(1) (1942-1945) 26 TC 406
No. 1316–COURT OF SESSION (FIRST DIVISION)–
27TH FEBRUARY, 1945
Income Tax, Schedule D – Excess Profits Tax – Ship-managers – Profits of trade – Company’s business consisting almost entirely of managing ships for particular shipping company under agreement – Shipping company going into liquidation and paying sum to ship-managing company under terms of agreement – Whether sum received a trading receipt.