INLAND REVENUE COMMISSIONERS v. CORNISH MUTUAL ASSURANCE CO., LTD.
(1924) 20 Ll L Rep 113
COURT OF APPEAL.
Before the Master of the Rolls (Sir Ernest Pollock), Lord Justice Warrington and Lord Justice Scrutton.
Revenue-Corporation profits tax-Finance Act, 1920, Sects. 52 (2) (a), 53 (2) (h)- "Profits shall include in the case of mutual trading concerns the surplus arising from transactions with members" -Insurance club-Whether trading for purposes of gain.