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I gave the appellant, during argument, an opportunity of electing for a further hearing but, after consideration, he decided not to accept it. ... In the result, the respondent obtained, by its exchange of trading lands, land which it was able to sell for a cash consideration of $1,000,000, being the value placed on the land by the purchaser. ... Finally, consideration must be given to what took place ait the trial with respect to evidence of market value. ...

.):— The appellant, having acquired from one of its shareholders in June, 1949, for a consideration of $600,000, a farm which the said shareholder had in the latter part of 1948 himself purchased at a price of $90,000, claimed capital cost allowance on the basis of the price paid by it. ...

Upon the consideration of this or any other question related to the merit of this case, we are precluded to enter, for there was no right of appeal from the decision of the Minister to the Board nor, therefore, to the Exchequer Court; the objection taken in this respect, by the respondent, before the Board and again in the Exchequer Court, should have been decided and maintained. ...

After a consideration of the arguments of counsel and the authorities to which they made reference I find myself so fully in agreement, not only with the conclusion of the learned Exchequer Court Judge but also with his reasons, that I am content simply to adopt them. ...

I have no doubt that, if the guiding mind of the appellant were to have frankly answered questions at the time of acquisition, he would have agreed that the appellant might itself, at an appropriate time, erect on the land buildings suitable for the developing neighbourhood, with a view to renting them or selling them; he would also have agreed that, if the right opportunity or opportunities arose, the appellant might sell some or all of the property, and he would also have agreed that a really attractive bare land leasing proposal would receive careful consideration by the appellant. ...

The consideration for this grant, as set out in the sublease, consisted of (a) a payment of $100,000 per year to be made to the Province of Quebec, (b) the sublessee’s share of the duties payable under the Quebec Mining Act, and (c) ‘an overriding royalty on all iron ore and specialties shipped by the Sublessee under this Sublease from any mines upon the described lands (except iron ore and specialties shipped for the account of the Sublessor) and sold and delivered each year by the Sublessee, of seven per cent of the then competitive market price f.o.b. vessels at Seven Islands, Quebec (determined as provided in Section 2 of the Mutual Covenants of this Sublease) for each grade and kind of such iron ore and specialties, which the Sublessee binds itself to pay to the Sublessor during the term hereof; provided however, that, in the event seven per cent of such competitive market price for any grade or kind of such iron ore or specialties shall be less than twenty-five cents a ton, then the overriding royalty on such iron ore and specialties shall be twenty-five cents a ton.” ...

A consideration of all the evidence and of the authorities and dictionary definitions to which we were referred, brings me to the conclusion that neither in technical terms nor in common speech nor in that of those who deal in such products would the skin of a mature merino sheep with the wool or hair attached to it be described as a fur. ...

All these considerations lead to the conclusion that the appeal to this Court from a decision of the Income Tax Appeal Board, whether by the taxpayer or by the Minister, is a trial de novo of the issues involved, that the parties are not restricted to the issues either of fact or of law that were before the Board but are free to raise whatever issues they wish even if different from those raised before the Board and that it is the duty of the Court to hear and determine such issues without regard to the proceedings before the Board and without being affected by any findings made by it.” ...

After a consideration of the record in the light of the full and helpful arguments of counsel I find myself so fully in agreement with. the reasons and conclusion of Noel, J. that I am content simply to adopt them. ...

Hyndman, Deputy Judge, proceeding on a sound appreciation of the considerations applicable to that determination, found that it did, and I am quite unable to say that, in reaching that conclusion, he was not amply supported by the facts disclosed. ...