Pratte,
J:—The
appeal
is
allowed
with
costs
in
the
Trial
Division
as
well
as
in
this
Court,
the
judgment
of
the
Trial
Division
is
set
aside
and
the
assessment
of
the
appellant
under
Part
I
of
the
Income
Tax
Act
for
the
1960,
1961
and
1962
taxation
years
are
referred
back
to
the
Respondent
for
the
reassessment
on
the
basis
that
subsection
12(3)
of
the
Income
Tax
Act
has
no
application
in
respect
of
the
cost
of
the
land
that
was
subject
of
the
sale
that
gave
rise
to
the
profit
that
is
the
subject
of
the
assessment.
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