13TH, 14TH AND 19TH DECEMBER, 1951

Income Tax, Schedule D – Profits of trade – Compensation received by agents for loss of agency.

  The Company carried on business as manufacturers’ agents and general merchants. Since before 1903 the Company and its predecessors had been sole selling agents in Scotland for certain products of a manufacturer but in 1948 at the instance of the manufacturer the agency was terminated by an agreement under which the Company received inter alia a payment as compensation for the loss of the agency.

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