 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 - 1915 - 1538 pages
...they were capital, and not revenue, expenditure ; per Lord Skerrington, in respect that they were not "money wholly and exclusively laid out or expended for the purposes of " the coalmaster's trade. Moore & Co. v. Inland Kevenue. Nov. 13,1914. for the year ending 5th April 1914,... | |
 | Law reports, digests, etc - 1924 - 800 pages
...expense can be deducted in ascertaining the amount of the company's profits or gains except it be " money wholly and exclusively laid out or expended for the purposes of the trade." What is "money wholly and exclusively laid out for the purposes of the trade" is a question which must... | |
 | Law reports, digests, etc - 1911 - 1226 pages
...that on the facts as stated the compensation levy falling upon the company under the Licensing Act was "money wholly and exclusively laid out or expended for the purposes of" the company's brewery business, and was therefore a proper deduction in terms of the Income Tax Act 1842,... | |
 | Law reports, digests, etc - 1925 - 1300 pages
...Rule 3 (c), Cases I. and II., Schedule I), it could be allowed under Rule 3 (a) of Cases I. and II., as money wholly and exclusively laid out or expended for the purposes of the trade. " III. The Inspector of Taxes (Mr \VM MacTaggart) contended on behalf of the Crown :—(1) That the... | |
 | Taxation - 1925 - 762 pages
...expense can be deducted in ascertaining the amount of the Company's profits or gains except it be ',' money wholly and exclusively laid out or expended " for the purposes of the trade ". What is " money wholly and ex." clusively laid out for the purposes of the trade " is a question... | |
 | Taxation - 1928 - 778 pages
...under Rule 3 (c), Cases I and II, Schedule D, it could be allowed under Rule 3 (a) of Cases I and II, as money wholly and exclusively laid out or expended for the purposes of the trade. III. The Inspector of Taxes (Mr. WM MacTaggartJ, contended on behalf of the Crown :— (1) That the... | |
 | Taxation - 1928 - 854 pages
...payments of £3,500 successively year by year. Now it is contended first that this sum of £19,200 is not money wholly and exclusively laid out or expended for the purposes of the trade within the meaning of Rule 3. The Commissioners, after they had found the facts to which I have referred,... | |
 | Law reports, digests, etc - 1925 - 874 pages
...right to deduct—" no sum shall be deducted in respect of any disbursements or expenses not being money wholly and exclusively laid out or expended for the purposes of the trade, profession, employment, or vocation." In other words, putting that affirmatively, it is clear that... | |
 | Law reports, digests, etc - 1928 - 700 pages
...to be charged, no sum shall be deducted in respect of (a) any disbursements or expenses, not being money wholly and exclusively laid out or expended for the purposes of the trade, profession, employment, or vocation," and •' (/) Any capital withdrawn from, or any sum employed... | |
 | Law reports, digests, etc - 1926 - 804 pages
...findings of the commissioners could it have been successfully argued, that the sum in question was not money " wholly and exclusively laid out or expended for the purposes of the trade," and indeed it is under modern views and conditions not only a proper but essential expenditure for... | |
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