https://www.taxtmi.com/caselaws?id=21390 Debentures issued to financial institutions may be treated as borrowings under rule 1(v) of the Second Schedule to the Companies (Profits) Surtax Act, 1964 where they substantively evidence debt, the funds were used to create a capital asset in India, and repayment was spread over more than seven years. On those facts, the debentures qualified for inclusion in the capital base. A remand to the Income-tax Officer was unnecessary because the Commissioner (Appeals) and the Tribunal had already recorded the relevant findings under rule 1(v), making further factual inquiry redundant. en-us Tue, 17 Dec 1991 00:00:00 +0530 Tue, 24 Nov 2009 10:53:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21390 Debentures issued to financial institutions may be treated as borrowings under rule 1(v) of the Second Schedule to the Companies (Profits) Surtax Act, 1964 where they substantively evidence debt, the funds were used to create a capital asset in India, and repayment was spread over more than seven years. On those facts, the debentures qualified for inclusion in the capital base. A remand to the Income-tax Officer was unnecessary because the Commissioner (Appeals) and the Tribunal had already recorded the relevant findings under rule 1(v), making further factual inquiry redundant. Case-Laws Income Tax Tue, 17 Dec 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21390