“… with the principles of commercial accounting, or GAAP as they now generally called: see, by way of more recent example, Gallagher v Jones (Inspector of Taxes) [1994] Ch 107 (CA)and HMRC vWilliam Grant and Sons Distillers Ltd [2007] UKHL 15, [2007] 1 WLR 1448. As Mr Ghosh himself submitted, that case law has been codified and appea…”
“…inary principles of commercial accountancy, what is now called GAAP. For more recent affirmations of this principle, see Gallagher v Jones (Inspector of Taxes) [1994] Ch 107 (CA) and HMRC v William Grant & Sons Distillers Ltd [2007] UKHL 15, [2007] 1 WLR 1448. But, as Sir Thomas Bingham MR acknowledged in Gallagher v Jones at p.134…”