HIGH COURT OF JUSTICE (CHANCERY DIVISION)–

10TH, 13TH AND 14TH JULY 1970

COURT OF APPEAL–

1ST, 2ND AND 3RD MARCH 1971

Income tax – Profits tax – Capital allowances – Leased machinery and plant – Burden of wear and tear – Covenants by lessee to keep in good and substantial repair and for replacement of worn-out items – Replacement likely to be necessary during currency of lease – Whether lessor or lessee entitled to capital allowances – Income Tax Act 1952 (15 & 16 Geo. 6 & 1 Eliz. 2, c. 10), ss. 298 and 299.

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