Précis: This decision involves an appeal from an assessment of the taxpayer’s taxation year ending on March 10, 1992 (the “1992 taxation year”). The taxpayer applied pursuant to subsection 152(4.1) of the Income Tax Act to carry forward non-capital losses to its 1992 taxation year. It filed its return for the 1992 taxation year assuming that the Minister would grant the request but subsequently found that the Minister refused the request and issued an assessment not allowing the losses. The taxpayer duly objected and when the assessment was confirmed appealed to the Tax Court.
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