Pratte, J:—This is an appeal from a judgment of the Trial Division dismissing the appellant’s appeal from an income tax assessment for the 1972 taxation year, made under subsection 48(1) of the Income Tax Act.

Kerr, DJ:—By a reassessment of the respondent’s income tax for the 1972 taxation year the Minister of National Revenue applied paragraph 6(1)(e) and subsection 6(2) of the Income Tax Act, SC 1970-71-72, c 63, as amended, to add

Mahoney, J:—The issue is whether payments, received by the plaintiff, which are deemed by paragraph 214(15)(a) of the Income Tax Act SC 1970-71-72, c 63 as amended by SC 1974-75-76, c 26, subsection 119(2) to be a payment

Dubé, J:—Plaintiff, a corporation in the meat wholesaling business, is appealing from a decision of the Tax Review Board dismissing its appeal from a reassessment by the Minister of National Revenue for the 1975 taxation year.

Primrose, J:—This is an appeal by the plaintiff from a decision of the Tax Review Board, Exhibit 1. The circumstances are fully set out in the judgment. Liability for tax, if any, turns on a licensing agreement, Exhibit 2 effective August 1,1970

Primrose, DJ:—This is an action tried in Edmonton on November 29,1979 on the following agreed statement of facts.

Addy, J:—This case was heard by me immediately following that of the Bank of Nova Scotia and involved the same legal issues. The only factual differences were the following:

1. The taxation involved the fiscal year of the plaintiff ending the 31st of October, 1974.

2. The weighted average rate of translation was 2.30894 Canadian dollars to the pound sterling and the amount of United Kingdom tax paid was £1,411,890.48.

Pratte, J:—This is a section 28 application to review and set aside a decision of the Tax Review Board dated November 1978, determining a question set forth in an application made by the Minister of National Revenue pursuant to section 174 of

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

Addy, J:—The plaintiff taxpayer appeals against a reassessment by the Minister of its income tax return for the 1972 taxation year. The appeal relates to a tax credit claimed by the taxpayer pursuant to paragraph 126(2)(a) of the Income