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There is no doubt that the appellant considered that its expenditures were in accordance with good business practice. ... They were made as a matter of business policy that had been carefully considered, was well regulated and had been in effect for many years prior to the year in question. ... Pembroke considered that since they were not recoverable and no asset was acquired they were ordinary expenses of longer duration than the others. ...

Appellant, however, points to Section 1 of the First Schedule in the Act and says that the Allison capital must be considered as of 1st December, 1941, if computed in accordance with that section. ...

No doubt, the danger of the two companies being held associated was considered and steps may have been taken to have avoided that result. ... It is probable that before incorporation the danger of the two companies being associated was considered by Lipetz and his solicitor Freeman, but there can be no objection to Lipetz and his solicitor taking the proper steps to avoid the companies being associated. ... Brebner, [1967] 1 All E.R. 779 at 784, Lord Upjohn said: My Lords, I would conclude my judgment by saying only that, when the question of carrying out a genuine commercial transaction, as this was, is considered, the fact that there are two ways of carrying it out,—one by paying the maximum amount of tax, the other by paying no, or much less, tax—it would be quite wrong as a necessary, consequence to draw the inference that in adopting the latter course one of the main objects is for the purposes of the section, avoidance of tax. ...

The undergoing excerpts are taken from pages 2 and 3: Page 2: “Ever since the inception of the money market in Canada some six years ago, it has been considered acceptable practice for members of the Investment Dealers’ Association of Canada to offer their clients the advantages contained in the Canada Money Market. ... ‘‘has considered that the natural increment in price of a bond over that period (exactly 30 days) was from six (.06) to ten (.10) cents or more per month, as the bond was coming closer to maturity, and this normal increment was considered as a capital gain by the appellant...” ...

It is the submission of the appellant that if the provisions of the Income Tax Act are considered in relation to this approach to the statement of income and expenditure, that the deductions from its income hereinafter referred are legally proper. ... The appellant therefore submits that a determination of fact must be made as to what part of the debenture interest may reasonably be considered a cost of earning this non-exempt income; and such interest expense so found, the appellant submits, is a permissible deduction under Section 11(1) (c) and is not taken away by Section 12(1)(c). ... In the matter under appeal, however, what is being considered is not income for the year from all sources but income from a source other than the company’s mining business, namely, the income from its short-term investments. ...

These deductions are part of the purchase price of the grain which must be accounted for in full and paid into the hands of the grower at the proper time, and it could not in any case be considered a profit or gain to the Association. ... What might have been the subject of taxation would be the commission charged by the broker, which could be considered as part of his own income; as it is here the case with respect to the officers and employees of the Association; but it could in no case be considered a gain or profit of the Association and much less subject to taxation, as it could by no means be construed as its income. ...

That subsection was considered generally as referable only to operating and maintenance expenses. ... The expenditure therefore brought into existence an advantage for the enduring benefit of the trade and Which should be considered to be a capital asset {Dominion Natural Gas Co. ... It was considered as a capital asset and. having been purchased with the engine was treated as one asset. ...

McGough considered them to be vegetables and in his thirty-five years’ experience has considered them to be such. ... I think it can be asserted that in Canada both the peanut and cashew nut are considered by almost everyone (except possibly by botanists) as falling within the category of "nuts''. ... The edible portions of many plants considered as vegetables are in a botanical sense, fruits. ...

Otherwise, such amounts might be considered as a payment out of profits after they have been earned and not ‘an: incidence of earning the profits. ... Indeed, if a plan does not meet with all the conditions set down in the section, it should not. be considered as an Employees profit sharing plan’’ under the Act. ... Indeed, had this not been done, such a plan would not have been considered an employees profit sharing plan under the Act although it would have been one under the ordinary concept of an employees profit sharing plan. ...

In the Spencer case (supra) I referred, at page 115, to many cases in which the test thus laid down has been approved, and, at page 125, I referred to numerous cases in which the principle that ‘‘each case must be considered according to its facts’’ has been stated by the Supreme Court of Canada. ... The sections of the Income Tax Act, Statutes of Canada, 1948, Chapter 52, later the Income Tax Act, R.S.C. 1952, Chapter 148, that fall to be considered are Sections 3 and 4 and Section 127(1) (e), later Section 139(1) (e). ... There is no doubt that the appellant considered that the prospects of making a profit from the discounts at w hich he purchased the agreements were very good and that he told friends that he considered them good investments. ...