https://www.taxtmi.com/caselaws?id=38164 An advance made to a company for allotment of shares is not "monies borrowed" for inclusion in capital under rule 1(v) of Schedule II to the Companies (Profits) Surtax Act, 1964 where there is no corresponding obligation to repay it as a debt. The advances in question were made towards share capital, carried only an obligation to issue shares, and were not borrowed capital or paid-up capital. The subsequent allotment of shares reinforced that the funds were contributed for share subscription rather than as a loan, and the amount was therefore excluded from capital computation. en-us Wed, 12 Jul 1978 00:00:00 +0530 Sat, 03 Apr 2010 14:19:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38164 An advance made to a company for allotment of shares is not "monies borrowed" for inclusion in capital under rule 1(v) of Schedule II to the Companies (Profits) Surtax Act, 1964 where there is no corresponding obligation to repay it as a debt. The advances in question were made towards share capital, carried only an obligation to issue shares, and were not borrowed capital or paid-up capital. The subsequent allotment of shares reinforced that the funds were contributed for share subscription rather than as a loan, and the amount was therefore excluded from capital computation. Case-Laws Income Tax Wed, 12 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38164