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Craven was indebted to one Lewis in a large sum of money but being unable to pay the same it was agreed by a memorandum of August 10, 1887, that payment should be postponed. ... Craven predeceased his son. At that date the simple interest at 5 per cent. per annum from August 10, 1887, calculated on the principal due amounted to £15,937, without making any deductions for income tax. ... The executor of Craven now proposed to pay off the aggregate amount due on the mortgage, but he claimed the right in doing so to deduct income tax on the £15,937. which represented interest, on the ground that the mortgage deed did not effect a capitalization of that interest in any sense which would discharge the covenant to pay interest. ...

Cravens Railway Carriage & Wagon Co. Lid., 32 T.C. 359; C.I.R. v. ...

Cravens Railway Carriage & Wagon Co. Ltd., 32 T.C. 359; ye? C. I.R. v. ... Cravens Railway Carriage & Wagon Co. Lid., 32 T.C. 359; C.I.R. v. ...