When computing profits for tax purposes, the taxpayer is not allowed to deduct any sums for depreciation of capital assets. Lord Deas: ‘I think it is better not to run the risk of making any confusion in the grounds of judgment by adding anything to what your Lordship has said.’
Judges:
Lord Deas
Citations:
(1875) 2 R 431
Jurisdiction:
England and Wales
Cited by:
Cited – Revenue and Customs v William Grant and Sons Distillers Ltd HL 28-Mar-2007
The Revenue appealed findings as to the calculation of profits for corporation tax. The companies had sought to deduct sums from profits for depreciation of unsold stock in accordance with current accounting standards.
Held: ‘the profit and . .
Lists of cited by and citing cases may be incomplete.
Income Tax
Updated: 01 December 2022; Ref: scu.251451
