Words and Phrases - "set-out"

Woods, J. found that if (contrary to her findings), s. 162(2.1) did not apply to the taxpayer (a non-resident corporation that was late in filing returns but which had no tax payable for the related taxation years) had not been subject to a penalty under s. 162(2.1), it would not have been subject to any penalty under s. 162(7). The penalty for failure to file an income tax return is provided for in s. 162(1) and, in her view, "it is not relevant that the penalty could be nil" under that subsection (para. 32). Accordingly, s. 162(7) would not apply because a penalty for failure to file returns on a timely basis was nonetheless "set out" in s. 162(1).