https://www.taxtmi.com/caselaws?id=285852 The House of Lords ruled that value payments received under the War Damage Acts by London Investment and Mortgage Co. Ltd. should be treated as trading receipts for income tax purposes. The court emphasized that these payments were part of the company's trading activities, regardless of the application or destination of the funds. The judgment highlighted that such compensation for lost stock-in-trade should be considered trading receipts, leading to the dismissal of the appeal with costs. 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 The House of Lords ruled that value payments received under the War Damage Acts by London Investment and Mortgage Co. Ltd. should be treated as trading receipts for income tax purposes. The court emphasized that these payments were part of the company's trading activities, regardless of the application or destination of the funds. The judgment highlighted that such compensation for lost stock-in-trade should be considered trading receipts, leading to the dismissal of the appeal with costs. Case-Laws Income Tax Thu, 24 Apr 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285852