Within the time limit for doing so the taxpayer filed an amended return for its 1952 taxation year in which it carried back a loss from its 1953 taxation year. In finding that the taxpayer was later precluded (following a reassessment of its 1952 taxation year and following the expiry of the time limit referred to in s. 42(4A) of the pre-1972 Act from filing a further amended return for its 1952 taxation year, Judson J. (with whom the majority concurred on this point) stated (p. 1246):
"The mere fact of a re-assessment in 1955 does not open the matter of tax liability at large and compel the Minister to re-assess in accordance with an amended return made out of time, according to the above quoted section. Under this legislation, if a taxpayer wishes to carry back business losses, he must file his amended return within the statutory time limit. Otherwise, the Minister cannot be compelled to accept the amended return."