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1954 (6) TMI 13 - HOUSE OF LORDS
Extract:
.......the profits of the trade for himself is expenditure for the purposes of the trade. I know of no decision which has gone that length, and for the reasons I have endeavoured state such a result cannot follow on a sound construction of the statute. I would allow the appeal. Appeal dismissed. Solicitors Solicitor of Inland Revenue; Pennefather &Co.