Jacgilden (Weston Hall) Ltd. v Castle (H.M. Inspector of Taxes)(1)Jacgilden (Weston Hall) Ltd. v Commissioners of Inland Revenue (1966-1969) 45 TC 685
HIGH COURT OF JUSTICE (CHANCERY DIVISION)–
10TH, 11TH AND 14TH JULY 1969
Income tax, Schedule D – Profits tax – Profits of trade – Property acquired commercially at under-value – Conveyed by vendors to company owned by purchaser – Price paid by company – Property resold – Whether purchase price or market value deductible in arriving at profit on resale.