Following a net worth assessment, the Minister added a total of $41,441 to the income of the taxpayers for two successive years, an amount that more than doubled their taxable income in those years. The taxpayers were able to establish that approximately $28,000 should be eliminated from their reassessments. D'Auray J found that, because the gaps in reported income were not substantial after these adjustments, the taxpayers' s. 163(2) penalties should be vacated.
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reducing net worth assessment eliminated penalty
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