MNR v. Anaconda American Brass Ltd., 55 DTC 1220, [1955] CTC 311 (PC) -- summary under Accounting Principles

By services, 28 November, 2015

Viscount Simonds found the F.I.F.O. method to be preferable for income tax purposes, because it corresponded more readily to the actual physical usage of the taxpayer's stock of metals, notwithstanding evidence that for accounting purposes the L.I.F.O. method was preferable.

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Topic
Income Tax Act - s. 9 - Accounting Principles
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Node
Drupal 7 entity ID
338999
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