https://www.taxtmi.com/caselaws?id=285852 Compensation received by a trader for war damage to stock-in-trade is a trading receipt chargeable to income tax and profits tax unless Parliament expressly or by necessary implication excludes it from tax computation. The War Damage legislation did not do so: section 66(1) treated contributions as capital outgoings only for that scheme, and section 28 of the 1949 Act merely disallowed deductions for repair expenditure where payment had been received. No statutory exclusion displaced the ordinary principle that compensation replacing trading stock falls into trading income, so the value payments were properly brought into account and the appeal failed. en-us Thu, 24 Apr 1958 00:00:00 +0530 Thu, 30 Jan 2020 13:09:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285852 Compensation received by a trader for war damage to stock-in-trade is a trading receipt chargeable to income tax and profits tax unless Parliament expressly or by necessary implication excludes it from tax computation. The War Damage legislation did not do so: section 66(1) treated contributions as capital outgoings only for that scheme, and section 28 of the 1949 Act merely disallowed deductions for repair expenditure where payment had been received. No statutory exclusion displaced the ordinary principle that compensation replacing trading stock falls into trading income, so the value payments were properly brought into account and the appeal failed. Case-Laws Income Tax Thu, 24 Apr 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285852