https://www.taxtmi.com/caselaws?id=274370 The Court of Appeal dismissed the appeal by the National Book League, holding that the payments made under the deeds of covenant were not "annual payments" within the meaning of the Income Tax Acts. The league was not entitled to exemption from income tax as the covenantors received substantial benefits in return, negating the classification of the payments as pure income profit. The court emphasized that the benefits provided were significant, supporting the conclusion that the payments were not ordinary covenanted subscriptions to a charity. en-us Tue, 28 May 1957 00:00:00 +0530 Fri, 10 Aug 2018 12:35:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274370 The Court of Appeal dismissed the appeal by the National Book League, holding that the payments made under the deeds of covenant were not "annual payments" within the meaning of the Income Tax Acts. The league was not entitled to exemption from income tax as the covenantors received substantial benefits in return, negating the classification of the payments as pure income profit. The court emphasized that the benefits provided were significant, supporting the conclusion that the payments were not ordinary covenanted subscriptions to a charity. Case-Laws Income Tax Tue, 28 May 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274370