https://www.taxtmi.com/caselaws?id=38861 A borrowing agreement may be validly altered by later correspondence and subsequent conduct where the law does not require a written amendment, and no separate formal instrument is necessary to prove the revised terms. On the modified repayment schedule, the decisive question is whether the borrowed moneys are repayable over a period of not less than seven years for surtax capital inclusion. The relevant period is assessed by reference to the agreement as actually modified and the final repayment date, so instalments falling within seven years do not defeat qualification if repayment extends beyond that period. The loan was treated as meeting the statutory seven-year requirement and as includible in capital. en-us Thu, 23 Jan 1975 00:00:00 +0530 Sat, 10 Apr 2010 10:24:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38861 A borrowing agreement may be validly altered by later correspondence and subsequent conduct where the law does not require a written amendment, and no separate formal instrument is necessary to prove the revised terms. On the modified repayment schedule, the decisive question is whether the borrowed moneys are repayable over a period of not less than seven years for surtax capital inclusion. The relevant period is assessed by reference to the agreement as actually modified and the final repayment date, so instalments falling within seven years do not defeat qualification if repayment extends beyond that period. The loan was treated as meeting the statutory seven-year requirement and as includible in capital. Case-Laws Income Tax Thu, 23 Jan 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38861