https://www.taxtmi.com/caselaws?id=9807 The court held that the surplus arising from the issue and repurchase of debentures represented a capital receipt not subject to tax. The surplus amount did not constitute income under the Income-tax Act as it was deemed a reduction in liability rather than actual income. The Tribunal's decision was upheld, favoring the assessee and ruling against the Revenue. en-us Thu, 02 Mar 2006 00:00:00 +0530 Wed, 01 Jul 2009 16:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9807 The court held that the surplus arising from the issue and repurchase of debentures represented a capital receipt not subject to tax. The surplus amount did not constitute income under the Income-tax Act as it was deemed a reduction in liability rather than actual income. The Tribunal's decision was upheld, favoring the assessee and ruling against the Revenue. Case-Laws Income Tax Thu, 02 Mar 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9807