Supreme Court · 1993 INSC 79 · Decided 3 March 1993
Commissioner of Income Tax, Calcutta v. Braithwaite and CO. LTD.
- Court
- Supreme Court of India
- Citation
- 1993 INSC 79 · [1993] 2 S.C.R. 187
- Case number
- CIVIL APPEAL No. 1054/1977
- Decided
- 3 March 1993
- Bench
- KULDIP SINGH, N.M. KASLIWAL (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act
Headnote
Companies (Profits) Surtax Act, 1964: Second Schedule Rule l(v)-Term Loan from Bank-Repayment during a period of seven years-Whether amounts to "repayment during a C period of not less than seven years''-Wliether the repayment qualifies for inclusion in the capital base. The The company included propor­ tionate amount of the said Term Loan in its capital base and claimed the D statutory 10% deduction in the calculation of its chargeable profits for the assessment year 1965-66. The Income-tax Officer rejected the claim of the respondent company on the ground
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