“… and gains specified in the five preceding Cases. And then there came the memorable and often quoted words of Lord Macnaghten in the London County Council case [1901] AC 26, 35, when he begged to remind people “that income tax is a tax on income”. The only question, therefore, here was – Was there in any sense income? It is quite …”
“…ken by counsel for Mr Moorthy in their skeleton argument, where they reminded us of Lord Macnaghten’s famous dictum in London County Council v Attorney General [1901] AC 26 at 35, that “Income tax, if I may be pardoned for saying so, is a tax on income. It is not meant to be a tax on anything else.” That is undoubtedly true, as fa…”