Before going on to find that transactions engaged in by the taxpayer were not contrary to the general anti-avoidance rule notwithstanding subsequent retroactive amendments to that rule that expanded its potential application to transactions that the taxpayer had engaged in, Bell J. stated:
"Retroactive legislation, although within the power of Parliament is legal but undesirable. The inappropriateness of reassessing taxpayers who completed transactions in accordance with the law in force at the time of those transactions without any expectation of adverse retroactive effect is self-evident."