Supreme Court of India
Commissioner of Income Tax, Calcutta v. Braithwaite and Co. Ltd.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the view that on the plain reading of the pro,iso to Rule D l(v), Second Schedule to the Act it is clear that in order to claim benefit of the said provision the borrowed money has to be repaid during the period of more than seven years.
Judgment, page 5
From the headnote
Companies (Profits) Surtax Act, 1964: Second Schedule Rule l(v)-Term Loan from Bank-Repayment during a period of seven years-Whether amounts to "repayment during a period of not less than seven years''-Wliether the repayment qualifies for inclusion in the capital base. The respondent-company obtained a Term Loan of Rs. 50,00,000 repayable within a period of seven years. The company included propor tionate amount of the said Term Loan in its capital base and claimed the statutory 10% deduction in the calculation of its chargeable profits for the assessment year 1965-66. The Income-tax Officer
Sign in free to read it
- The full judgment, page by page, as published in the Supreme Court Reports
- The ratio: what the Court held, verbatim, with the page it sits on
- Every bench that relied on it, and every bench that argued against it
- Search every reported judgment, by party, citation or question
- Download the PDF, copy pinpoint citations ready for a filing
An email address, no password.