Petro-Canada v. Canada, 2004 DTC 6329, 2004 FCA 158 -- summary under Section 67

A joint exploration corporation which was dealing at arm's length with its two shareholders (who were acting in concert with each other) acquired seismic data from one of the two shareholders at a purchase price substantially in excess of fair market value and on non-commercial terms. In finding that this was not an appropriate case to apply section 67 (but after having found that s. 69(1)(a) applied to reduce the cost of the seismic data to the joint exploration corporation) Sharlow J.A. stated (at para. 64) that "I am unable to agree with the Crown that it necessarily follows that paying more than fair market value is unreasonable".