https://www.taxtmi.com/caselaws?id=40171 A loan agreement repayable within seven years did not satisfy rule 1(v) of the Second Schedule to the Companies (Profits) Surtax Act, 1964, because the phrase "during a period of not less than seven years" was given its plain meaning as requiring repayment beyond the completion of seven years. A term ending on the expiry date of the seven-year period remains within seven years until that point is crossed, so the statutory minimum is not met by a loan fully repayable within seven years. The provision therefore applies only where repayment extends beyond seven years, and such borrowing is excluded from the capital base. en-us Wed, 03 Mar 1993 00:00:00 +0530 Thu, 17 Jul 2014 09:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=40171 A loan agreement repayable within seven years did not satisfy rule 1(v) of the Second Schedule to the Companies (Profits) Surtax Act, 1964, because the phrase "during a period of not less than seven years" was given its plain meaning as requiring repayment beyond the completion of seven years. A term ending on the expiry date of the seven-year period remains within seven years until that point is crossed, so the statutory minimum is not met by a loan fully repayable within seven years. The provision therefore applies only where repayment extends beyond seven years, and such borrowing is excluded from the capital base. Case-Laws Income Tax Wed, 03 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=40171