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Rown- tree & Co. Ltd., [1948] 1 All E.R. 482. When the case came to the Supreme Court of Canada, while a majority allowed the appeal in the matter of the depletion allowance, the Court was unanimous in dismissing the cross-appeal relating to the interest, holding that the interest paid on the demand note was not ‘‘interest on borrowed capital used in the business to earn income” within the meaning of Section 5(b). ... The ruling to which counsel referred read as follows: ‘ ‘ RULING No. 15 Depreciation on Plant (Supplementing and to be read in conjunction with Memorandum of 28th July 1927) The Department has been giving consideration to the question of Depreciation in periods in which a taxpayer has no taxable income. ...

(c) That the amount opposite ‘‘Cash on Hand & in Bk.” on the said balance sheet was improperly stated. ... $ If the total value of such gifts exceeded $4,000, complete and file a gift tax return on or before 30th April, 1950. ...

I also find it difficult to regard either the appellants alone or SIP alone as the recipients, for the purposes of Section 106, of \ the interest paid by City Park and it seems to me that in truth \the recipient was the three of them, or perhaps more precisely, in respect of each payment, SIP and the particular appellant to whom the interest payment was remitted. ... But it appears to me on the evidence that SIP and the appellants acted in concert in establishing the fund and in organizing its investments and while neither appellant alone controlled $ I P to my mind it is not conceivable as a practical possibility that SIP would or could disregard the instructions or wishes of the appellants or either of them as to the voting of City Park stock or as to what City Park should do or that they would not combine their voting power in SI P itself to enforce their will if occasion to do so arose whether with respect to these pari passu ranking and somewhat interdependent loans or any other matters of concern to them. ...

To this end the directors and shareholders made an offer in December 1960 to purchase 50% of the shares of DeSpirt Mosaic & Marble Co., Limited (hereinafter referred to as DeSpirt) and its subsidiary Hydro-Silica Cleaning Company Limited. ... He said that the construction of a plant on the Scarborough land was frustrated because of the heavy financial commitments in DeSpirt, the appellants ’ own declining profit position and its loss of adequate working capital with the resultant pressure from the appellants’ bank to reduce Bestpipe’s obligation to the bank through the sale of the Scarborough land which was done because the combined pressure of the foregoing circumstances was irresistible but totally unforeseen by the appellants when the land was first acquired. ...

Subject to the other provisions of this Part, income for a taxation year from a business or property is the profit therefrom for the year.’’ and Section 139(1) (e) defines “business” as follows: “139. (1) In this Act, (e) ‘business’ includes a profession, calling, trade, manufacture or undertaking of any kind whatsoever and includes an adventure or concern in the nature of trade but does not include an office or employment. ’ ’ In my opinion, the assumption on which the Minister based his inclusion of the amount of $5,266 in the assessment appealed against was not warranted. ...

A la page 58, le Président Thorson dit: “... The right to deduct losses does not extend to a profit from an activity other than the business in which the loss was sustained. ... When the former tenants vacated, substantial repairs were made to the building and it appears to have been rented from about January 1, 1953, at $1,500 per month, to Locke Gray & Co., a firm with which Mr. ...

Finally, the last item was the small sum received on the liquidation of the Chosen Corporation, which was of no significance, because that was a sum which the company had no option to refuse, and which came to it, so to speak, without any active decision on the part of the company. ’ ’ In that case it was apparent that the first two sales of the shares were made for simple realization motives alone and in the third case the company whose shares were held had gone into liquidation and the realization was brought about without any decision by the taxpayer. ...

It was argued that the words ‘‘are imported’ ‘ in section 41, when used with regard to goods, cannot refer to goods that have been imported but must refer only to goods that are being imported, and that the words ‘‘the value so determined shall, until otherwise provided, be the value upon which the duty on such goods shall be computed and levied’’ clearly contemplate future use of the determination. ... When goods subject to tax under this Part or under Part • Al of this Act arc* sold at a price.... ...

The agreement with Mercer, Lauder & Company to purchase the bonds, debentures and stock of the appellant was actually entered into on May 31, 1950. ...

The next provision relied upon by the respondent is Section 12(1)(b) of the Act which for the purpose of convenience is repeated here: ' In computing income, no deduction shall be made in respect of, (b) an outlay, loss or replacement of capital, a payment on account of capital or an allowance in respect of depreciation, obsolescence or depletion except as expressly permitted by this Part.’’ ...