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—On the 27th day of May, 1918, Peter Birtwistle, of the city of London, in the province of Ontario, made a deed of settlement of certain real and personal properties to The Trusts & Guarantee Company, Limited, of the city of Toronto, in the said province, as trustee upon the terms and conditions therein set forth. ... It may be convenient to mention here that sec. 4 of the Income War Tax Act, so far as relevant, provides: The following incomes shall not be liable to taxation hereunder:— • (e) the income of any religious, charitable, agricultural and educational institution, board of trade and chamber of commerce. ... The power of the Court to make any order as to payment “of any tax, interest or penalty’’ is similar to the power conferred upon the Minister by section 55 to ‘‘ assess, re-assess or make additional assessments upon any person for tax, interest and penalties.” ...

By an agreement in writing made between International Loan Company and the appellant dated May 31st, 1921, the latter agreed 4 " to act as the general agent and manager of the company, manage its business and represent it in all business transactions’’. ... Under the heading ‘‘ Expenses” expenditures totalling $12,119.28 were shown and the balance of $13,856.95 was classed as "‘Operating Income’’. ... In discussing the subject he said in part (p. 261): "‘So in the ordinary case of investments, a man who has money to invest, invests his money and he may occasionally sell the investments and buy others, but he is not carrying on a business. ‘ ‘ While the judgment in this case was reversed on appeal, nothing in the judgments of the Court of Appeal cast any doubt upon the accuracy of this statement. ...

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...”’ ...