https://www.taxtmi.com/caselaws?id=168654 Amounts originally received on the issue of deferred shares were not "borrowed money" for the third proviso to Rule 5A of Schedule I to the Excess Profits Tax Act, 1940. The proviso was confined to interest on money actually borrowed in the ordinary sense, and a later liability arising after the share issue was declared invalid did not change the character of the receipt into a loan. The sum was therefore not treated as borrowed capital, the apportionable interest was excluded, and the standard profits under Section 26(1) were not increased. en-us Wed, 06 May 1953 00:00:00 +0530 Thu, 19 Mar 2015 16:22:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168654 Amounts originally received on the issue of deferred shares were not "borrowed money" for the third proviso to Rule 5A of Schedule I to the Excess Profits Tax Act, 1940. The proviso was confined to interest on money actually borrowed in the ordinary sense, and a later liability arising after the share issue was declared invalid did not change the character of the receipt into a loan. The sum was therefore not treated as borrowed capital, the apportionable interest was excluded, and the standard profits under Section 26(1) were not increased. Case-Laws Income Tax Wed, 06 May 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168654