9911796707
TMI Blog1936 (2) TMI 25X X X X Extracts X X X X X X X X Extracts X X X X ..... r the respondent being present but not called on, their Lordships delivered judgment as follows: LORD BLANESBURGH--Notwithstanding the careful, full and able arguments which your Lordships have heard on behalf of the appellants, I believe you are all of opinion that the judgments in this case which were delivered in the First Division of the Court of Session stand undisturbed. They express my own view quite truly, and I do not feel that I could usefully add anything to them. This appeal must, I think, be dismissed, and I move your Lordships accordingly. LORD ATKIN.--I agree that this appeal should be dismissed, and for the reasons which have been given in the Court of Session. Put quite simply, the position is tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ult is not that they exchange part of their stock for a different kind of stock, but that they dispose of the whole of their stock for money plus money's worth. In those circumstances it seems to me on the plainest principles that the value of that marketable security has to be brought into account for the purpose of assessing the profits which they made in the particular years of trade. Those appear to be the principles upon which the Court of Session proceeded. It appears to me that they are right, and I concur in the motion which has been proposed. LORD THANKERTON.―I concur. The first important point to observe in this case, to my mind, is that the transactions in question were admittedly part of the ordinary trading o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... here was money's worth received at the time when the trans- action of sale was completed, and if part of the price paid for the land and buildings consisted of money's worth, the marketable value of which asset is immediately ascertainable, I fail to see why that should not be brought into computation in the ordinary accounts of the trader for the purpose of bringing out the results of his year's trading. Finally, I may say that I agree generally with the opinions of the majority in the Court below ,and particularly with that of the Lord President in the Court below, and I concur in the motion which has been pro- posed. LORD MACMILLAN.―Your Lordships who have preceded me have so clearly set out the reasons which s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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