Pratte, J (concurred in by Jackett, CJ and Le Dain, J):—Il s’agit d’un appel d’un jugement de la Division de première instance qui a décidé que l’intimé avait le droit, dans le calcul de son revenu imposable pour l’année d’imposition 1973, à

The Associate Chief Justice:—This is an appeal from a judgment of the Tax Review Board which allowed an appeal from assessments for the years 1970, 1971 and 1972. The assessments were not of income tax but of penalties and amounts for

Mahoney, J:—The issue is the fair market value on Valuation Day, December 31, 1971, of ten shares of a private company, Halifax Parking Limited, hereafter “HPL’’. Those shares represented 10% of HPL’s outstanding shares. They were treasury shares acquired by

Collier, J:—The facts in this income tax appeal are unusual.

Collier, J:—For the plaintiff’s taxation year which ended April 30, 1971, the Minister of National Revenue included in taxable income an amount of $671,065. The Minister took the view this sum represented the proceeds of disposition of depreciable property,

Collier, J:—At the conclusion of the hearing I said the plaintiff’s appeal would be allowed. Written reasons would be later given. Those reasons now follow.

Dubé J:—This is an appeal from the decision rendered on September 16, 1975 by the Tax Review Board, dismissing plaintiff’s (appellant’s) appeal against his income tax assessment for 1971.

Smith, DJ:—This action came before the Court on July 12, 1978, by way of appeal from a decision of the Tax Review Board, dated January 31, 1977, which allowed the appeal of the defendant from an assessment for income tax with

Dubé, J:—Plaintiff is a corporation incorporated under the laws of the province of Quebec carrying on the business of manufacturing and selling newsprint, sulphite and groundwood pulp.

Walsh, J:—This action was joined for hearing with T-1831-76 Gladstone Investment Corp and Her Majesty the Queen, the facts and legal issues being the same except for the amounts added back to income by the Minister for the 1969 and 1970 taxation