Stamp LJ referred to: ‘the income tax rule that you may not be taxed on an anticipated profit.’
Sir John Pennycuik said: ‘But it is likewise well established that the principles of commercial accountancy must yield not only to statutory provisions, in particular the prohibition of specified deductions, but also to any overriding principle of tax law.’
Judges:
Stamp LJ, Sir John Pennycuik
Citations:
[1977] Ch 78
Jurisdiction:
England and Wales
Cited by:
Appeal from – Willingale (Inspector of Taxes) v International Commercial Bank Ltd HL 1978
Discount on a commercial bill differs from interest because, unlike interest, it does not accrue from day to day. If the discount is income, it is assessable to the holder at maturity or when the bill is sold by the holder to a third party because . .
Lists of cited by and citing cases may be incomplete.
Income Tax
Updated: 06 May 2022; Ref: scu.526983