Rosenblat v. The Queen, 75 DTC 5274, [1975] CTC 472 (FCTD)

"The minutes of the company are merely prima facie evidence of what occurrred, not conclusive evidence."

The taxpayer was granted the right to acquire 300,000 shares of a corporation in consideration of past services in June of 1967 and the shares were issued to him in December. The shares were to be valued for purposes of s. 15 at the date of the contract with the corporation.

In June 1967 a company ("Brilund") agreed to issue shares then worth no more than $120,000 to a non-resident shareholder, in consideration of past services rendered by him, but did not issue the shares to him until December, when the shares were worth substantially more. The shares were to be valued for purposes of s. 15 at the date of the contract, and there accordingly was no withholding tax exigible under s. 214(3)(a).