COMMISSIONER OF INCOME TAX versus NEW INDIA INDUSTRIES LTD.
If less than seven years' worth of repayment loan surplus compute is included, the contract is actually a loan repayment contract within seven years, followed by a mutual agreement to repay within eight years. Debt Replacement must be credited within eight years Accounting Companies (Profit) Suratex Act, 1964, Schedule II, R 1 (v)
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