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Counsel for the appellant argues that the substantial transaction in the ease of each contract was a loan of $500.00 made by the member to the Association repayable on demand; while for the respondent it is submitted that the $500.00 immediately on being paid over became the absolute property of the Association being a part of the consideration for its agreement to supply services, the remainder of the consideration being the monthly payments to be made by the member. ... The consideration moving from the member to the Association was not the outright payment to it of $500.00 but the deposit with it of that sum. ... In the circumstances of that case it was held that the sums there in question had been paid outright to the Association as part of the consideration for the services it rendered; no question of a deposit arose. ...

Three possible conclusions are open for consideration; either for purposes of execution (1) the shares were situate only in Canada, or (2) they were situate in both Canada and Pennsylvania, or (3) they were situate only in Pennsylvania. ... I can see no valid reason why the same considerations should not apply, to determine the situs of shares for the purpose of judicial execution, as for the purpose of a dispute as to ownership. In both cases, the dominant consideration is the jurisdiction of the Court to which the company is ultimately subject. ...

The precise formula adopted under statutory authority for the purpose of computing the depletion base does not permit the courts to read into it any unspecified deduction that might seem to be dictated by policy considerations. ... [Page 678] Imperial Oil Ltd., [1960] S.C.R. 735, per Judson J. at pages 744-45, where, dealing with an earlier version of Regulation 1201(2) (which did not differ in any material respect from the one now under consideration), he said, in effect, that the Regulation required, in relation to oil or gas wells, as a first step, that one ‘Determine the profits or losses of each producing well in the normal manner by ascertaining the difference between the receipts reasonably attributable to the production of oil or gas from the well and the expenses of earning those receipts’. ... In the face of such a very precise formula adopted under statutory authority for the specific purpose of computing the depletion base, I am of the view that it is not open to the Courts to read into the statutory formula any unspecified deduction that might seem to be dictated by policy considerations. ...

The vendors received, in part consideration of the transfer, 3,490 fully paid up shares of the capital stock of the Company. ... The Company holding the lease, drilling the well and operating the same for such consideration as may be agreed upon between the Company and a Trustee for the unit holders. 6. ... The Company holding the lease, drilling the well and operating the same for such consideration as may be agreed upon between the Company and a Trustee for the unit holders.’’ ...

Consideration appears to have been given only to the question whether the damages for wrongful dismissal were income “from an office or employment” within the meaning of ss. 5 and 25 of the Income Tax Act, R.S.C. 1952. No consideration appears to have been given to the broader question whether they might not be income from an unspecified source under the general provision of s. 3. ... No consideration appears to have been given to the broader question [Page 816] whether they might not be income from an unspecified source under the general provision of s. 3. ...

.: By exchanging its trading lands respondent obtained 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. ... I gave the appellant, during argument, an opportunity of electing for a further hearing but, after consideration, he decided not to accept it. ... Finally, consideration must be given to what took place at the trial with respect to evidence of market value. ...

That determination is one of law based upon a consideration of all the facts.” ... Obviously, the T.I.P. was not paid as consideration for the disposition of a capital asset; quite the opposite, in fact. ... The consideration for the T.I.P. is not the future payment of rent, but rather, the immediate assumption of the contractual obligations. ...

It would be anomalous if a consideration of their plight were to be omitted from the determination of the exercise of discretion under s. 7. ... Firstly, there is no independent “valuable consideration” in support of the alleged “transaction”. ... The debenture was given for adequate valuable consideration. It was received by the bank prior to the date of the receiving order, and the bank had no notice of any act of bankruptcy committed by the bankrupt. ...

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. ...

In my view, the correct approach to that question is to be found in MNR v Imperial Oil Ltd, [1960] S.C.R. 735, [1960] C.T.C. 275, 60 D.T.C. 1219, per Judson, J at pages 744–45 [pp 285; 1222], where, dealing with an earlier version of Regulation 1201(2) (which did not differ in any material respect from the one now under consideration), he said, in effect, that the Regulation required, in relation to oil or gas wells, as a first step, that one “determine the profits or losses of each producing well in the normal manner by ascertaining the difference between the receipts reasonably attributable to the production of oil or gas from the well and the expenses of earning those receipts”. 6 In this context, the Court of Appeal stated that profits are to be ascertained in the normal manner of calculating the difference between receipts attributable to production and the expenses of earning those receipts. ... In the face of such a very precise formula adopted under statutory authority for the specific purpose of computing the depletion base, I am of the view that it is not open to the Courts to read into the statutory formula any unspecified deduction that might seem to be dictated by policy considerations. 10 I cannot leave the subject without stating that I am substantially in accord with the trial judge that the research expenses in question here are of a capital nature. 11 I would affirm the judgment of the Federal Court of Appeal and dismiss this appeal with costs. ...