In a year that was now statute-barred, the taxpayer reported losses on trading futures as being on capital account, and was assessed for the year in question on the basis that its gains from futures trading were on income account. In finding that the taxpayer could carryforward losses from the statute-barred year (which the Crown conceded were on income account) to the taxation year in question, Rep, C.J. stated (at para. 28):
"If an error was made in the assessment of the statute-barred year which affects another year, the Minister, in assessing the other year, must follow the Act and if there was an error in law in a previous year, including a statute-barred year, that error ought to be corrected so that the assessment for the current year is correct ..."