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D '; she also carried on a separate activity, racing stables, which gave rise to no liability to tax being a " recreational " enterprise Horses were bred at the stud farm for the racing stables On the transfer of five horses in the relevant year of assessment from the stud to the stables it was held by the House of Lords (Lord Oaksey dissenting) that " where a person carrying on a trade disposes of part of his stock in trade not by way of sale in the course of trade but for his own use, enjoyment, or recreation, he must bring into his trading account for income-tax purposes the market value of that stock in trade at the time of such disposition, and that, accordingly, the amount to be credited to the stud farm accounts on the transfer of the horses was their market value and not the (1)     1

Cases Referring to this Case

Case Name	Citation(s)	Court	Jurisdiction †	Date	Full Text		Citation Index
SMT Indermani Jatia v Commissioner of Income-Tax, Up , Lucknow	[1958] INSC 90; 1959 1 SCR Supl 45; AIR 1959 SC 82	Supreme Court of India	India	3 Oct 1958	LIIofIndia