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.