TaxTMI 
TaxTMI 
1941 (12) TMI 24
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....the result of wagering transactions on the price of rubber. There has been no dispute at any time in the present action that in accordance with the law of Ceylon as decided in the Supreme Court in (1934) 36 NLR 145, Tarrant v. Marikar, such a plea if established would be a valid defence. The only question in the case is one of fact, whether the transactions between the parties were wagering transactions, in other words, were bets. Both Courts decided this issue in favour of the plaintiffs in judgments which fully discuss the facts, and it is only necessary shortly to state the circumstances which gave rise to the action. The defendant is a grower of rubber in Ceylon: the plaintiffs are a long-established firm of share and produce-brokers, m....
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....June-December delivery this year." Yuille & Co. carried out these instructions, and as the rubber was bought sent contracts to the plaintiffs of which the following is a sample: Geo. White, Yuille & Co., Ltd., 3. Mincing Lane, E.C.3. 2079 Messrs. Bartleet & Co. BOUGHT DELIVERY CONTRACT. London and/or Liverpool. London, May 15th, 1929. 3. We have this day bought by your order and for your account upon the terms of this Contract, including the Rules endorsed hereon and the Regulations and Bye-Laws of The Rubber Trade Association of London, of our Principals, whose solvency we guarantee, Seventy-five (75) tons Plantation Rubber in cases, at Eevenpence seven-eig....
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.... a sample: Bartleet & Co. RUBBER CONTRACT. Contract No. 1158/29. Colombo, 16th May 1929. E.L. Ebrahim Lebbe Marikar, Esqr., Colombo. 5. We have this day bought by your order and for your account from ourselves (300) three hundred tons Plantation Rubber, in cases, at 1s. 3/8d, per lb. Standard quality. 6. To be ready for delivery in Warehouse in London and/or Liverpool any time or times, at Seller's option, during the months of October/November/December 1929. 22/11 Oct. Dry 100 tons. Nov. 100 Dec. 100 7. This Contract is made under and subject to the Constitution, Bye-Laws and Rules of ....
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.... on the happening of an event in which they have no material interest. The transaction may be cloaked behind the forms of genuine commercial transactions; but to establish the bet, it is necessary to prove that the documents are but a cloak and that neither party intended them to have any effective legal operation. Where the documents show an ordinary commercial transaction, and, in conformity with them, one of the parties incurs personal obligations on a genuine (transaction with third parties so that he himself is not a winner or loser by the alteration of price, but can only benefit by his commission, the inference of betting is irresistibly destroyed. In such cases the fact that no delivery is required or tendered is of practically no v....