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Pursuant to a Declaration dated March 31, 2007, the taxpayer, in consideration for the “Amount” of US$160,033,328 and CHF 80,000, relinquished to GI his claims to the PPU and GS, and assigned all his GH shares to GH. ...

The conditions between mutually independent CFC and CAHPL could, however, include CAHPL situated within the Chevron group and CAHPL being subject to the direction of Chevron for the benefit of the Chevron group. 93 In such circumstances, were CAHPL seeking to borrow for five years on an unsecured basis with no financial or operational covenants from an independent lender, in order to act rationally and commercially and conformably with the interests of the Chevron group to obtain external funding at the lowest possible cost consistently with any relevant operational considerations, it would do so with Chevron providing a parent company guarantee, if such were available. 94 In the light of the evidence as to Chevron’s policy concerning external funding and its willingness to provide a guarantee to achieve that end the above is the natural and commercially rational comparative analysis when one removes the controlled conditions operating between CAHPL and CFC and replaces them with the condition of mutual independence. 95 In the circumstances there would have been a borrowing cost conformable with Chevron’s AA rating, which, on the evidence, would have been significantly below 9%. ...

Commissioner of Income Tax, International Taxation – 3, Delhi & Anr. (2017), Civil Appeal No. 3849 of 2017, 15 SCC 602-- summary under Article 5 Summary Under Tax Topics- Treaties- Income Tax Conventions- Article 5 UK company with operational control over annually-recurring 3-day Grand Prix races in India had a PE (the racing circuit of a local company) A U.K. corporation (“FOWC”), which held all rights to commercially exploit the Formula One World (car-racing) Championships by virtue of an agreement with another company (“FOAM”), entered into an agreement (the “RPC”) with an Indian corporation (“Jaypee”) that, in consideration of US$40 million payable by Jaypee, Jaypee would host, stage and promote the Formula One Grand Prix event at a commercial racing circuit in India (the “Buddh International Circuit” or “circuit”) to be constructed by it (with FOWC also having the right to exploit the TV feed for the events, which it assigned to an affiliate). ...

The authorities establish that interest income may be derived when accrued and that the taxpayer’s business and income earning activities, and the place of interest income in that business or activities, are relevant considerations to whether interest has been derived, in the sense of having come home, when accrued or only when received. … SRC[‘s]…assets during that period were essentially cash and receivables, intracompany debts and shares in its subsidiaries. ...

However, after stating (at para. 22) that he accepted the conclusion in Sherway Centre that “an amount paid as compensation for the use of money for a stipulated period can be said to accrue day-to-day,” McEwen J found that the Discount Fee constituted interest, stating (at para. 45): … [I]t is my view … the Discount Fee meets the three … elements of interest: it is consideration or compensation for the use or retention of money owed to ClearFlow; it related to the principal amount; and, it accrued over time (literally day-to-day). ...

. … Whether the interests of the applicants in Talison Lithium also passed the principal asset test, for the purposes of s 855-25(1)(b), requires consideration of whether 50% or more of the market value of the assets of Talison Lithium were attributable to Australian real property. ...

., close to half) to a wholly-owned personal holding company (a “Holdco”) in consideration for preferred shares which, after giving effect to the joint election made under the Quebec equivalent of s. 85(1) (limiting the taxable capital gain recognized by him in each year to $250,000) had a paid-up capital equal to their deemed cost. ...

It only leaves for consideration the consequences of a reduction in capital. ...

Pike held special voting shares) in consideration for non-voting common shares of the Child Corporation. ...

All that appears to have happened was that monies were directed straight to [the GE affiliate] without negotiating terms or the consideration at a director level as would have been expected from a company carrying on commercial activities on sound business principles. ...