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Under Subsection five of Section five of the Excess Profits Tax Act a decision of the Board of Referees, when approved by the Minister, is considered to be final and conclusive and therefore your company is not considered to have the right to have its claim re-heard. ... The present appeal was brought accordingly in an effort to have its claim for a larger base of standard profits re-considered. ... By the fall of 1942 the volume of the Board’s work had so increased that an addition to its membership was considered necessary. ...

At one time he considered it valueless and offered it to the municipality as a gift for use as a park, but his offer was not accepted. ... As he considered it a capital gain, he did not include any portion of this amount as income for the year. ... He considered the sales of lands to be merely the realization of a capital asset. ...

I do not think that that fact leads to the inference that 44 mouton” was not considered to be a fur by dealers. ... All they could and did say was that Persian Lamb had particularly desirable qualities and has always been considered to be a fur. ... The point urged by counsel was that if ‘‘mouton’’ — which he considered to be an imitation of fur — could be considered as a fur and therefore subject to tax, so also could these various synthetic textiles which are definitely imitations of furs. ...

:—On this hearing four appeals are being considered, all relating to the 1962 taxation year of the appellants. ... Some are as follows: (1) Purchased goodwill cannot be purchased as a separate item of a business, but instead is intimately connected with and inseparable from the other assets and liabilities of the business which is purchased as a going concern. (2) The general concept of goodwill has been a growing one and has progressively changed so that it now not only pertains to customer or client relations, to which it was considered confined at one time, but also in its current broader meaning encompasses almost any intangible factor of economic value to an enterprise; and the factors underlying goodwill may be considered to effect either greater total revenues or decreased unit costs. (3) The valuation of goodwill is not a precise science, so that what is actually paid for purchased goodwill in practice is seldom arrived at by any theoretically sound calculation. ... In doing so, the appellants appear in reaching their decision as to the price they were prepared to pay for the purchased goodwill, to have considered the formula used by others in the accounting profession when purchasing practices, as a sound one, or at least one that results in executed purchases and sales of practices. ...

By the reassessments these deductions were disallowed on the basis that these deductions were considered a contingent liability. ... He said that cars were bought at wholesale prices, and that the trade-in value allowances were also based on the wholesale market price of each car; that each car deal stood on its own—each was a “horse- trade’’ in that there was no fixed mark-up; that the listed selling price of every car was always subject to negotiation; that the repair cost to cars were bulked in the accounts and not allocated to each car; that the inventory value of the cars at each fiscal year end was based on the then wholesale market value of the cars without reference to their cost; that credit notes were issued only in the cases where the respondent bought cars by payment of cash plus the face value of the credit note; that in honouring a credit note, it was considered a second deal and that the respondent considered it was entitled to a profit on each of the two deals; that in honouring a credit note, the respondent always got full mark-up and a greater mark-up than if the buyer were paying all cash or equivalent financing; that the respondent expected and it happened that a substantial number of the credit notes expired; that the credit notes on expiration were eliminated from the liability account by debit entries, thereby changing the time period when the profit represented by them was taken into income. ... The respondent, therefore, in its dealing, in my view, considered these credit notes, if anything, as a contingent liability within this meaning. ...

The proceeds arising therefrom could then be considered as capital gain or income. ... If they are to be considered as payments for option rights, in Western Leaseholds Lid. v. ... It would be interesting to know exactly how the State considered these receipts from their timber—was it capital or revenue? ...

I am of the opinion that in determining whether the gain in this case should be considered as taxable income or a capital gain one should not be limited to the question—Does the transaction above described constitute a trade or business? I rather believe that all the facts and circumstances of the undertaking should be considered in relation to the general definition of Income” in Section 3, to see if the transaction fits into the framework of the definition. ... As to the respondent’s intention of putting up an apartment building for investment purposes or keeping the building as an income producing asset, it is a feature which should be considered. ...

He never considered whether it was a legal obligation or not. If the appellant had sued him perhaps he would not have won. ... The appellant considered the latter part, being the $14,000, solely as his property. ... Black made the assignment pursuant to an agreement which he considered binding on himself and under which the appellant considered himself entitled. ...

Fetherstonhaugh were considered by the accountant, and no doubt accepted as correct by the partners of Smart and Biggar. ... In the correspondence, prior to settlement, Smart intimated that the payments would be so considered. ... In my view, this indicates a binding agreement to pay and so the payments made pursuant thereto cannot be considered as made ex gratia. ...

This was really its statement of what it considered was due to it under the agreement. ... The manner in which the assessments appealed against were arrived at may now be considered. ... It was always considered that they were accountable advances made by B. ...