COURT OF SESSION (FIRST DIVISION)–

2ND AND 3RD MAY, 1962

Income Tax, Schedule D – Relief in respect of loss – Whether cessation of trade – Income Tax Act, 1952 (15 & 16 Geo. VI & 1 Eliz. II, c. 10), Section 342 (1).

  The Appellant Company carried on business as brewers. In October, 1953, it ceased brewing but continued to bottle and sell beer supplied to its specification by another brewery company. The Company claimed that it carried on the same trade both before and after October, 1953, so that losses sustained prior to that date could be set off against subsequent profits under Section 342 (1), Income Tax Act, 1952.

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