Heald, J:—This is an appeal from the decision of the Tax Appeal Board rendered on December 9, 1970 (reported [1970] Tax ABC 1265) dismissing the appeal by the appellant from reassessments for income tax with respect to its 1960, 1961, 1962 and 1963 taxation years.

The parties have agreed to a Special Case stated by consent pursuant to Rule 475.

Heald, J:—This is an appeal from a decision of the Tax Apeal Board rendered on December 7, 1970 (reported [1970] Tax ABC 1265) dismissing the appeal by the appellant from reassessments for income tax with respect to its 1960, 1961, 1962, 1963 and 1964

Walsh, J:—The facts of these two cases, which were heard together, are identical. Three companies were originally involved, the third being Terry Heights Realty Limited, which, however, paid its tax assessment for the year in question without protest. The fact that it

Cattanach, J:—This is an appeal by the Minister from a decision of the Tax Appeal Board rendered on October 29, 1970 (reported [1970] Tax ABC 1137) whereby an appeal against reassessments for tax, interest and penalties for the respondent’s 1965, 1966, 1967 and

Kerr, J:—This is an-appeal from a decision of the Tax Appeal Board dated April 23, 1970 (reported [1970] Tax ABC 383) which dismissed an appeal from reassessments of the appellant’s income tax for his 1964 taxation year.

Walsh, J:—This is an appeal from the income tax assessment of appellant for its 1967 and 1968 taxation years. Appellant is a private Ontario company incorporated on September 1, 1954, 90% of the shares being owned by J C Stephenson and 10% by his wife.

Heald, J:—This is an appeal by the Minister of National Revenue from the decision of the Tax Appeal Board dated June 12, 1970 (reported [1970] Tax ABC 633) wherein the respondent’s appeal from his 1967 income tax assessment was allowed. In this assessment, a

Kerr, J:—This is an appeal against assessments of income tax under the Income Tax Act on Madill Sales Ltd for its taxation years ended June 30, 1966, 1967 and 1968. That company subsequently amalgamated with S Madill Ltd in June 1969

Heald, J:—These cases are appeals from assessments made by the respondent against the appellant corporations. It was agreed by counsel that the two cases should be heard at the same time since they are closely related matters.

The appeal of Oryx Realty Corporation (hereafter Oryx) is against the respondent’s assessment for the taxation year 1960. The appeal of Shofar Investment Corp (hereafter Shofar) is against the respondent’s assessments for the taxation years 1960, 1961 and 1962.

Abbott, J (for the Court):—Notwithstanding the very full argument made by the appellant, who appeared before us in person, all the members of the Court are of opinion that both the Tax Appeal Board (reported [1967] Tax ABC 1048) and the learned trial judge