 Further, I do not think it can be regarded as money wholly and exclusively laid out or expended for the purposes of the trade. I cannot hold it to have been money "incurred in earning profits " or incident to the earning of profit in carrying on the trade....  The Scots Law Times - Page 1801920Full view - About this book
 | Law reports, digests, etc - 1916 - 978 pages
...included by a very broad extension of the terms actually used, as being a disbursement or expense which is money wholly and exclusively laid out or expended for the purposes of the trade." The same principle was again affirmed by the House of Lords in Usher's Case (3) and by Scrutton J.... | |
 | Law reports, digests, etc - 1905 - 910 pages
...rights thereunder and the benefits to accrue therefrom." (2) The argument was that this 80.000Z. was money "wholly and exclusively laid out or expended " for the purposes of the business. The Court decided against the claim of the company, Fry LJ saying: "It appears to me that... | |
 | Law reports, digests, etc - 1888 - 1404 pages
...included by a very broad extension of the tenus actually used, as being a disbursement or expense which is money wholly and exclusively laid out or expended for the purposes of the trade. It is quite ine that, strictly speaking, the annual value, where the premises are owned and not rented,... | |
 | Electronic journals - 1914 - 536 pages
...Commissioners to be allowable as a business expense in calculating the profits of the year as being " money wholly and exclusively laid out or expended for the purposes" of the Council's business within Sched. 1). The Council contended that the grant was in the nature of deferred... | |
 | Taxation - 1915 - 714 pages
...Wilsons Company; III.—The Surveyor of Taxes, (Mr. John Moore), maintained— (2) That it was not money wholly and exclusively laid out or expended for the purposes of the trade of the Company, within the meaning of the First Rule, applying to both the First and Second Cases of... | |
 | Taxation - 1911 - 754 pages
...the actual cost of the raw material worked up in the year as being a disbursement or expense being money wholly and exclusively laid out or expended for the purposes of the Appellants' trade. It was further contended that the fact that the stock of raw material required for... | |
 | Law reports, digests, etc - 1896 - 830 pages
...for the purpose of ascertaining the amount on which income tax was payable, seeing that it wot not money "wholly and exclusively laid out or expended for the purposes of" the business. Appeal from the Divisional Court upon a case stated by the commissioners for the general... | |
 | Law reports, digests, etc - 1905 - 814 pages
...the benefits to accrue therefrom " : 2 Tax. Gas., at p. 241. The argument was that this £80,000 was money " wholly and exclusively laid out or expended " for the purposes of the business. The court decided against the claim of the company, Fry, LJ, saying : "It appears to me that... | |
 | Law reports, digests, etc - 1910 - 1424 pages
...For the Company it was contended:—(1) That the sum of £2632 mentioned in paragraph (g) represented money wholly and exclusively laid out or expended for the purposes of the Company's trade within the meaning of the first rule to Cases I. and II. of Schedule D., sec. 100,... | |
 | Great Britain, Stephen Dowell - Great Britain - 1913 - 950 pages
...amounts received by them -.—Ifflil, that the deduction was allowable, as the excess so paid was " money wholly and exclusively laid out or expended for the purposes of " the appellants' trade, within r. 1 of the rules applicable to cases 1 and 2 of s. 101), Sched. (D.) : (iiinl,... | |
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