https://www.taxtmi.com/caselaws?id=29514 Under rule 1(iv) of the Second Schedule to the Companies (Profits) Surtax Act, 1964, a company's debentures were includible in capital computation where the provision then in force used the broad phrase "its debentures, if any" and did not confine inclusion to debentures issued for cash or to any particular mode of issue. Debentures issued as collateral security for a bank loan were treated as debentures actually issued by the company and used in its financing structure, so they formed part of capital for surtax purposes. The later amendment adding the words "issued by it to the public" was not applied to the earlier assessment year. en-us Mon, 22 Feb 1982 00:00:00 +0530 Sat, 13 Mar 2010 14:43:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29514 Under rule 1(iv) of the Second Schedule to the Companies (Profits) Surtax Act, 1964, a company's debentures were includible in capital computation where the provision then in force used the broad phrase "its debentures, if any" and did not confine inclusion to debentures issued for cash or to any particular mode of issue. Debentures issued as collateral security for a bank loan were treated as debentures actually issued by the company and used in its financing structure, so they formed part of capital for surtax purposes. The later amendment adding the words "issued by it to the public" was not applied to the earlier assessment year. Case-Laws Income Tax Mon, 22 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29514