The Law Reports (Appeal Cases)
[1944] AC 204
[HOUSE OF LORDS]
ABSALOM APPELLANT; AND TALBOT (INSPECTOR OF TAXES) RESPONDENT.
1944 Feb. 14,
15,
16,
17,
21,
23,
24,
28;
May 19.
May 19.
VISCOUNT SIMON L.C., LORD ATKIN, LORD THANKERTON, LORD RUSSELL OF KILLOWEN and LORD PORTER.
Revenue
— Income Tax
— Assessment
— Profits
— Sales of houses by builder
— Part of purchase price advanced by building society on security of first mortgage
— Balance advanced by builder on security of second mortgage
— Inclusion as trading receipt in year of sale
—
Income Tax Act, 1918 (8 & 9 Geo. 5, c. 40), sch. D, cases I and II, r. 3 (i.).