Rule 1 of the Second ' Schedule with which alone we are concerned in this section reads: "Subject to the other provisions contained in this Schedule, the capital of a company shall be the aggregate of the amounts, as on the first day of the previous year relevant to the assessment year, of (i) its paid up share capital; (ii) its reserves, if any created under the proviso (b) to clause (vi b) of sub section (2) of section 10 of the Indian Income tax Act, 1922 (XI of 1922), or under subsection (3) of section 34 of the Income tax Act, 1961 (LXIII of 1961); (iii) its other reserves as reduced by the amounts credited to such reserves as have been allowed as a deduction in computing the income of the company for the purposes of the Indian income tax Act, 1922 ( XI of 1922), or the Income tax Act, 1961 (XLIII of 1961); (iv) its debentures, if any; and (v) any moneys borrowed by it from Government or the Industrial Finance Corporation of India or the 523 Industrial Credit and Finance Corporation of India or any other financial institution which the Central Government may notify in this behalf in the Official Gazette or any banking institution (not being a financial institution notified as aforesaid) or any person in a country outside India : Provided that such moneys are borrowed for the creation of a capital asset in India and the agreement under which such moneys are borrowed provides for the repayment thereof during a period of not less than seven years.