Lloyd's Law Reports

Professor Robert Merkin KC; Dr Johanna Hjalmarsson

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GREEN (INSPECTOR OF TAXES) v. J. GLIKSTEN & SON, LTD.; COMMISSIONERS OF INLAND REVENUE v. SAME.

(1929) 33 Ll.L.Rep. 132

HOUSE OF LORDS.

Before Lord Buckmaster, Viscount Dunedin and Lord Warrington of Clyffe.

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, Rule 3 (K).

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