Comr of Inland Revenue v Mutual Investment Co Ltd

Subject Matter

REVENUE — Hong kong — Revenue — Profits tax — Deductions — Profits from dividends — Profits not subject to deduction of expenses — Additional business subject to deductible expenses — Deduction for “purpose of ascertaining … assessable profits” — Whether distinction between chargeable and assessable “profits” — Whether all expenses incurred in production of profits deductible — Inland Revenue Ordinance of Hong Kong (c 112) as amended by Inland Revenue (Amendment) Ordinance, 1956, ss 2, 14 (1), 16 (1), 17 (1), 18A, 26 (a)

[1967] 1 AC 587; [1966] 3 WLR 740