Lloyd's Law Reports

Professor Robert Merkin KC; Dr Johanna Hjalmarsson

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INLAND REVENUE COMMISSIONERS v. J. GLIKSTEN & SON, LTD.

(1928) 31 Ll.L.Rep. 1

COURT OF APPEAL.

Before the Master of the Rolls (Lord Hanworth), Lord Justice Sargant and Lord Justice Lawrence.

Revenue-Income Tax-Assessment-Timber company - Stock destroyed by fire - Insurance against fire at replacement value-Replacement value considerably in excess of book value - Amount recovered under policies-Whether to be included in profit and loss account as a trading receipt-Income Tax Act, 1918, Schedule D, Case 1.

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