Diggines (H M Inspector of Taxes) v Forestal Land, Timber and Railways Company, Limited – [1930] UKHL TC_15_630 15 December 1930
The Respondent Company was in receipt of dividends from foreign companies in various countries. The point at issue was whether the consequent lialility to Income Tax, Schedule D, under Case V, for the years 1921-22 to 1926-27 should be based on the average amount of the whole of the dividends arising to the Company from foreign companies in the three years of average, or upon the footing that each of the holdings of shares was a separate source O’f income separately assessable. Held, that the liability should be based on the average amount of the whole of the dividends.
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