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1963 (6) TMI 33 - HC - Income TaxExtract: .......rtion to premiums paid shows that it is in the nature of a return and not of a distribution of profits, which indeed the company is assumed for tax purposes not to make. The position is exactly expressed in the passage from Donovan L.J.'s judgment 1962 1 W.L.R. 1195, 1205, which my noble and learned friend Lord Hodson has cited. Appeal allowed.
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