Law:

Section:

- Sections 122 & 137 - Income-tax Act, 1952 CASE REFERRED TO Lord Greene M.R. in Henriksen v. Grafton Hotel Ltd. [1942] 2 KB 184 at p. 193 ; 58 TLR 271 ; [1942] 1 All. ER 678 ; [1943] 11 ITR (Suppl.) 10. FACT OF THE CASE 1. At a meeting of the Commissioners for the General Purposes of the Income Tax for the Division of Manchester, held on March 16, 1955, Laskers Home Furnishers Ltd. (hereinafter called "the company") appealed against an assessment to income tax made upon it under Schedule D for the year 1953-1954 in the estimated sum of £ 4,400 in respect of the profits of its business of retail furnishers. 2. The only question before the commissioners was whether or not expenditure incurred by the company in the relevant year amounting to £2,295 was an allowable deduction in computing the profits of the business. 3. Mr. Lasker, a director of the company, gave the following evidence, which the commissioners accepted : The company, as the result of the termination of the lease of the premises which it had previously occupied, had obtained a lease of nearby premises, 68 and 70, Oldham Street, in the City of Manchester. Under the terms of the lease the premises were demised to the company for the term of 14 years (determinable as therein mentioned) from March 25, 1952, at a rent of a peppercorn during the first year of the term, at a yearly rent of £ 700 during the next six years and at a yearly rent of £ 1,000 during the remainder of the term and subject to the covenants on the part of the company and the conditions therein contained. 4. The demised premises had been unoccupied for a number of years before the lease was granted to the company. This had resulted in the deterioration of the premises, which at the time the lease was entered into were unfit for occupation, and accordingly in order to render the premises fit for occupation under clause 2(4) of the lease the company covenanted forthwith to reinstate the demised premises including the repair of the main roof and plaster, and to instal electric light and heating and a new shop front to the reasonable approval of the lessors' architect and thereafter at all times during the term to keep the whole of…

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