COMMISSIONERS OF INLAND REVENUE v. CORNISH MUTUAL ASSURANCE COMPANY, LTD.
(1926) 24 Ll L Rep 56
HOUSE OF LORDS.
Before the Lord Chancellor (Viscount Cave), Lord Atkinson, Lord Shaw, Lord Sumner and Lord Darling.
Revenue-Corporation Profits Tax-Finance Act, 1920, Sects. 52 (2) (a), 53 (2) (h)- "Profits shall include in the case of mutual trading concerns the surplus arising from transactions with members" -Insurance club - Whether trading for purposes of gain.