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1993 (3) TMI 90 - SC - Income TaxWhether the repayment under the agreement was " during a period of not less than seven years " within the proviso to rule 1(v) of the Second Schedule to the Companies (Profits) Surtax Act, 1964? Held that:- Set aside the judgment of the High Court and answer the question in the manner that the entire term loan of ₹ 50,00,000 taken from the bank does not qualify for inclusion in the capital base under rule 1(v) of the Second Schedule to the Act, but in view of the fact that the order of the Tribunal granting relief to the respondent-company to the extent of ₹ 16 lakhs has not been challenged by the Department, the Revenue shall be entitled to relief to the extent of ₹ 34 lakhs only as not qualified for inclusion in the capital base.
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