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BY AND BETWEEN: ROBERT SHERWOOD, of 440 Park Avenue in the City of New York, United States of America, acting in his capacity as special agent for undisclosed principals of South America, (hereinafter called the “Vendor”) — and — PARTY OF THE FIRST PART CANADIAN JAVELIN LIMITED, a body politic and corporate, duly incorporated according to the laws of Canada, with its head office and principal place of business at civic number 1010 St. ...

Under agreement dated 20 September, 1960 between Alberta & Southern Gas Co. ... Sawdon & Co., [1901] 2 K.B. 653, per A. L. Smith, M.R. at p. 656. ... Again the last clause of paragraph 12.2 requires each shipper to pay in United States dollars — his proportionate share of “that shippers monthly cost of service charge’’ (Ex. 1, p. 45). ...

This company, for the fiscal years ending March 31, 1952 and 1953, declared its income to be: “Year ended March 31, 1952 (ex. 1) $114,916.05 Income Year ended March 31, 1953 (ex. 2) $ 3,516.00 Loss.’’ ... (ex. 9) “... represents a capital receipt, properly excluded from income for the 1952 fiscal year...”, that the asset derived by the Company via the Farmout Agreement of February, 1952 (ex. 7), is ‘‘... an income producing property which would be a capital asset held for investment’’; finally, that the Company not being in the business of buying and selling natural gas leases or rights: to acquire the same, any such right obtained or sold by it “... were not trading assets’’. ... Large sums of money received in 1949 and 1950 by Western Leaseholds Ltd. from Imperial Oil and Barnsdall Oil under options exercised and also for leasing agreement were held to be ‘‘... income from a business and therefore within the definition of income in Section 3(1) of the Income War Tax Act’’. ...

& J. 264 (45 E.R. 1185) Turner, L.J. at p. 274 (1189) said: “I take the law of this Court to be well settled, that in order to render a voluntary settlement valid and effectual, the settler must have done everything which, according to the nature of the property comprised in the settlement, was necessary to be done in order to transfer the property and render the settlement binding upon him.’’ ... The alleged rebate was carried out by the appellant making a debit entry in its surplus account for the taxation year ending September 30, 1959 which entry is as follows: ‘ Administration costs previously charged to Olympic Properties Limited now rebated—$4,000.00.’’ ... & R. 798, Lord Abinger, C.B. at p. 808 (149 E.R. 1302 at p. 1307). ...

He had a meeting with Murray & Company Limited in Toronto and that company agreed to try to arrange a loan. ... Negotiations between Bel-Conn and Murray & Company continued into 1961, as shown by a letter from Conn to Murray & Company dated April 17, 1961 (Exhibit 11), in which there is also reference to a conversation between Murray & Company and Mrs. ... Dealing with Murray & Company continued intermittently into 1961. ...

David Slater & Co. specialized in these ventures and had assisted Simpson-Sears Ltd. in planning their Winnipeg shopping centre. ... Cohen, whether anticipating or not Feil’s statements, had nevertheless contradicted them in advance, maintaining that, in December of 1952, his partners and himself declined Feil’s proposal to pay $164,000 for the estate, because ‘‘... we all were decidedly interested in our own development plan’’. ... If this undertaking falls short of being “... an adventure or concern in the nature of trade...” or at the very least an ‘¢.. undertaking of any kind whatsoever...’’ and therefore a ‘‘business’’ as outlined in Section 139(1) (e) of our Act, I am at a loss to find a more suitable qualificative. ...

McDonald, a senior partner of Price, Waterhouse & Company, and Mr. ... Richardson, a senior partner of Clarkson, Gordon & Company. Mr. McLellan gave a detailed description of how the accounts of the appellant’s producing department were kept. ... Only one other subject remains for consideration, namely, whether the Minister, in determining the base for the computation of the appellant’s deductible allowance, had any right to deduct the sum of $8,642,196.84, which is described in Exhibit 76 as ‘‘ Increase (decrease) in unrealized profit in Supply, Manufacturing and Marketing inventories’’. ...

In para. 9 of his Reply to the Notice of Appeal, filed on November 14, 1961, he declares accepting: 6 ‘... the sums hereinbefore set out which he received from or through the said Bernard EK. ... Apparently the payments were made on the instructions of Smith by Draper, Dobie & Co. ... R-l, p. 9), more especially as Ryan’s auditor and brother, Lawrence Ryan, in his ‘‘ Replies to particulars by M.N.R.’’, ex. ...

At some stage, the appellant associated himself with a number of other persons in a partnership that did business under various names such as ‘‘ Bel- Air Builders Company”, “Bel-Air Builders’’ and ‘‘ Bel-Air Builders Co.’’. ... By Notice of Re-assessment dated May 9, 1958, the appellant was re-assessed for the 1956 taxation year and the explanation of the difference between the income as declared by the appellant’s income tax return and the income as fixed by the reassessment, contained in the attached form T7W-C, showed that the Minister treated as income $380,893.68, being ‘‘ Bel-Air Builders Co. ...

In computing its taxable income for that year, the respondent claimed as a deduction the sum of $7,548.61, paid to the Minister of Hydraulic Resources for the Province of Quebec under the provisions of 1 ‘ An Act to Insure the Progress of Education’’ enacted by the Legislature of the Province of Quebec, 10 George VI, c. 21. ... An appeal to the Income Tax Appeal Board was allowed, the Board being of the opinion that the ‘‘ Act to Insure the Progress of Education’’ did not impose a corporation tax, and that the Governor in Council in enacting P.C. 5948 exceeded the powers conferred on him by paragraph (o) of Section 6(1) of the Income War Tax Act and that it was therefore ultra vires. ...