https://www.taxtmi.com/caselaws?id=126757 Sums paid to a statutory water board under precepts issued to constituent local authorities to cover a deficiency in trading revenue were trading receipts chargeable to tax under Case I of Schedule D. The payments were not like a local rate raised by a rating authority for its own inhabitants, because the board was not directly representative of the contributing bodies and had no general power to levy a rate. They were made to meet trading losses and support the carrying on of the undertaking, and authorities on grants or advances intended to supplement trading solvency supported treating them as part of the board's receipts. en-us Fri, 29 Mar 1946 00:00:00 +0530 Thu, 15 Feb 2018 09:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=126757 Sums paid to a statutory water board under precepts issued to constituent local authorities to cover a deficiency in trading revenue were trading receipts chargeable to tax under Case I of Schedule D. The payments were not like a local rate raised by a rating authority for its own inhabitants, because the board was not directly representative of the contributing bodies and had no general power to levy a rate. They were made to meet trading losses and support the carrying on of the undertaking, and authorities on grants or advances intended to supplement trading solvency supported treating them as part of the board's receipts. Case-Laws Income Tax Fri, 29 Mar 1946 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=126757