Peter Merchant, Ltd. v Stedeford (H.M. Inspector of Taxes) (1943-1949) 30 TC 496
NO. 1420–HIGH COURT OF JUSTICE (KING’S BENCH DIVISION)–
8TH AND 9TH JULY, 1948
COURT OF APPEAL–
24TH, 25TH AND 26TH NOVEMBER, 1948
Income Tax, Schedule D – Deduction – Liability for replacement of equipment used in trade but owned by third party – Sums not actually expended – Income Tax Act, 1918 (8 & 9 Geo. V. c. 40), Schedule D, Cases I and II, Rule 3.