Agricultural Credit Corporation, Ltd v Vale

Judgment Date25 January 1935
Date25 January 1935
CourtHigh Court (Irish Free State)
[H. C., I.F.S.],
Agricultural Credit Corporation, Ltd.

Income assessable -Profit on realisation of investments - Company formed under the Agricultural Credit Act, 1927 (No. 24 of 1927) - Whether purchase and sale of investments formed part of the "trade" of the Company - Commissioners' finding - Evidence to support finding - Jurisdiction of Court to interfere therewith - Correct test applicable.

The Agricultural Credit Corporation was formed under the provisions of the Agricultural Credit Act, 1927, as a limited Company "having for its principal object the giving of credit to persons engaged in agriculture and businesses ancillary to agriculture." By the objects clause of its Memorandum of Association, the Corporation was empowered "to invest any moneys of the Company not immediately required in the purchase of stocks, shares, bonds or debentures" or in subscrption therefor, or in bills or notes issued by the Minister of Finance or the British Treasury, and was empowered to vary investments, subject to the limitation that all such investments should be trustee securities. In the trading year ended the 31st October, 1930, having large surplus funds available, the Corporation made a number of purchases of British Government securities, and later during the same year realised most of these investments. A profit of £7,268 was made by the sale of these securities, and this profit was shown in the Corporation's profit and...

To continue reading

Request your trial
6 cases
  • Olhausen v Irish Exporters and Importers Ltd
    • Ireland
    • High Court
    • 13 November 1943
    ...themselves in law. Accordingly the decision of the Special Commissioners was affirmed. Agricultural Credit Corporation Ltd. v. Vale, [1935] I. R. 681, followed. Cur. adv. vult. Maguire P. :— I have had an opportunity of reading the judgment which Mr. Justice Maguire is about to deliver and ......
  • Mulvey v Coffey
    • Ireland
    • High Court
    • 21 May 1942
    ...1 K. B. 500. (2) [1909] S. C. 1212. (3) 16 T. C. 605. (4) [1927] I. R. 84. (5) [1928] A. C. 217, at p. 228. (6) [1930] I. R. 386. (7) [1935] I. R. 681. (8) T. S. McCann K.C. died during the adjourned hearing of the arguments. (9) [1927] I. R. 84 at p. 101. (10) [1927] A. C. 554. (11) [1928]......
  • O’Dwyer (Inspector of Taxes) and the Revenue Commissioners v Irish Exporters and Importers Ltd (In Liquidation)
    • Ireland
    • High Court
    • 13 November 1942
    ...1918 Sch D Case 1, FA 1920 s 53, ITA 1967 ss 53, 416, 428. Cases referred to in judgment Agricultural Credit Corporation v Vale 2 ITC 46, [1935] IR 681. Alliance and Dublin Consumer’s Gas Company v R G Davis 1 ITC 114, [1926] IR Californian Copper Syndicate v Harris 5 TC 159, 6F 894. Commis......
  • Mara v Hummingbird Ltd
    • Ireland
    • High Court
    • 1 January 1982
    ...of I.R. v. Toll Property Co. Ltd. 34 Tax Cases 13. Comm. of I.R. v. Reinhold. 34 Tax Cases 389. Agricultural Credit Corporation v. Vale (1935) I.R. 681 Granville Building Co. Ltd. v. Oxby 35 Tax Cases 245. Shadford v. H. Fairweather & Co. Ltd. 43 Tax Cases 291. Birch v. Delaney. (1936) I.R.......
  • Request a trial to view additional results

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT