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A clause in the letters patent which has been regarded as affecting the liability of the respondent reads: ‘ 1 And it is further ordained and declared that the company shall be prohibited from declaring dividends and shall also be further prohibited from distributing any profits during hostilities or during the period that the company is required to carry on elementary training under the British Commonwealth Air Training Plan.” ... Section 11(1) (b) reads: “(1) Notwithstanding paragraphs (a), (b) and (h) of subsection (1) of section 12, the following amounts may be deducted in computing the income of a taxpayer for a taxation year (b) such amount as an allowance in respect of an oil or gas well, mine or timber limit, if any, as is allowed to the taxpayer by regulation,’’ Subsections (1) and (4) of Regulation No. 1201 provide that: “(1) Where the taxpayer operates an oil or gas well or where the taxpayer is a person described as the trustee in subsection (1) of section 73 of the Act, the deduction allowed for a taxation year is 3314 per cent of the profits of the taxpayer for the year reasonably attributable to the production of oil or gas from the well. ’ ’ ‘ 1 (4) In computing the profits reasonably attributable to the production of oil or gas for the purpose of this section a deduction shall be made equal to the amounts, if any, deducted from income under the provisions of section 538 of chapter 25 of the Statutes of 1949, Second Session, in respect of the well.” Section 53 is as follows: “ (1) A corporation whose principal business is the production, refining or marketing of petroleum or petroleum products or the exploring and drilling for oil or natural gas, may deduct, in computing its income for the purposes of The Income Tax Act, the lesser of (a) the aggregate of the drilling and exploration costs, including all general geological and geophysical expenses, incurred by it, directly or indirectly, on or in respect of exploring or drilling for oil and natural gas in Canada (i) during the taxation year, and (ii) during previous taxation years, to the extent that they were not deductible in computing income for a previous taxation year, or (b) of that aggregate an amount equal to its income for the taxation year (i) if no deduction were allowed under paragraph (b) of subsection one of section eleven of the said Act, and (ii) if no deduction were allowed under this subsection, minus the deduction allowed by section twenty-seven of the said Act.’’ ...

This subsection, as first enacted by chapter 55 of the statutes of 1919, stated that the "‘income of a beneficiary of an estate shall be deemed to include the amount accruing during each taxation year to which he, his heirs or assigns are entitled from the income of an estate whether distributed or not. ‘ ‘ The 1920 amendment changed this language, and added the provision concerning income accumulating in trust for the benefit of unascertained persons, or of persons with contingent interests. ... In so far as this definition can be of any help, it considers as income annual gains or profits ‘‘ whether such gains or profits are divided or distributed or not”; but here we are dealing with something which, as received and accumulated by the trustee, is undoubtedly income. ... This subsection provides that: "" (6) The income, for any taxation period, of a beneficiary of any estate or trust of whatsoever nature shall be deemed to include all income accruing to the credit of the taxpayer whether received by him or not during such taxation period. ...

Solicitors for the appellant: Sinclair, Goodenough, Higginbottom & McDonnell, Toronto. ... O’Flynn (in her personal capacity), respondent: Cameron & Sprague, Belleville. ... Waters, respondent: Borden, Elliot, Kelley, Palmer & Sankey, Toronto. ...

.), c. 25—Section 53(4)—S.C. 1955, c. 54— Section 22(1)—Mining and exploration company — Deduction for prospecting, exploration and development expenses. ... To obtain these deductions Falconbridge must show that they come within Section 53(4) of the 1949 income tax amending Act, 1949 (Second Session), ¢. 25. ... J ULLBRIDGE There are four items of expenditure relating to those agreements: Depart Decision Item Period of Expenditure mental in Exche Decision quer Court I. $ 10,512.05 Prior to November 14, 1950, date of incorporation of Gullbridge Disallowed Allowed II. $ 4,953.73 From November 14, 1950, Disallowed Allowed to December 31, 1950 III. $247,243.88 1951 Disallowed Disallowed IV. $ 56,047.26 1952 Disallowed Disallowed The Minister appeals the allowance of the first two items and Falconbridge appeals the disallowance of the second two. ...

Being unable to meet certain requirements of the association, the shareholders, including Gairdner who was the dominant figure behind all three companies to be mentioned, decided to incorporate a new company, Gairdner & Company Limited, which I shall call ‘‘the new company’’, to which the company sold its physical equipment. records and good will, for shares in the new company. ...

(hereinafter called ‘‘ Associated’’), a company of which he was for all practical purposes the sole shareholder, was a capital profit and therefore not subject to tax under the provisions of the Income Tax Act, R.S.C. 1952, c. 148. ...

Both in his reply to the notice of appeal to the Tax Appeal Board and in his reply to the notice of appeal to the Exchequer Court, the Minister stated that he relied upon the provisions of Section 127, subsection (5), particularly upon that part of paragraph (a) of the said subsection which provides that for the purposes of the statute, a corporation and one of several persons by whom it is “directly or indirectly controlled’’ shall, without extending the meaning of the expression ‘ 1 to deal with each other at arm’s length”, be deemed not to deal with each other at arm’s length. ...

., at p. 15 says: ‘The owners of the majority of the voting power in a company are the persons who are in effective control of its affairs and fortunes.’ ” Applying these principles, once it is established that a group of shareholders owns a majority of the voting shares of a company, and the same group a majority of the voting shares of a second company, that fact is sufficient, in my opinion, to constitute the two companies associated within the provisions of Section 39 of the Income Tax Act. ...

That the latter meaning attached to the word ‘‘assessment’’, under the Act as it stood before the establishment of the Income Tax Appeal Board and the enactment of Part VIIIA—wherein the above sections are to be found—in substitution to Part VIII, is made clear by the wording of Section 58(1) of the latter Part, reading: ‘ 4 58. (1) Any person who objects to the amount at which he is assessed...”’ ...

  [1] [1967] 2 Ex. C.R. 32, [1967] C.T.C. 88, 67 D.T.C. 5073. ...