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.