NO. 411.–IN THE HIGH COURT OF JUSTICE (KING’S BENCH DIVISION).–

14TH OCTOBER, 1918.

Income Tax, Schedule D. – Annuities paid by Company whose income partly consisted of income received under deduction of Income Tax. – Exclusion of taxed income in arriving at assessable profits. – Deduction of lump sum payment to purchase annuity equal in amount to pension payable to former employee. – Income Tax Act, 1842 (5 & 6 Vict. c. 35), Section 52 and Section 100, Schedule D, Case 1; Customs and Inland Revenue Act, 1888 (51 & 52 Vict. c. 8), Section 24(3).   p. 359   

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