Court : Punjab and Haryana
Decided on : Jul-04-1997
Reported in : (1997)117PLR353
..... declining the plaintiffs claim for interest at the rate of 2% per month has taken into consideration the provisions of the punjab relief of indebtedness act and the usurious loans act, 1918 as well as volume i, chapter 11 part-d of the rules and orders of punjab & haryana high court. a perusal of the aforesaid ..... the amount from the view point of the creditors. there has been amendment by the state of punjab in respect of section 3 of the usurious loans act, 1918. as per amended provision, court has to deem the interest to be excessive if it exceeds seven and a half per centum per annum simple ..... to the conclusion that interest stipulated in the instrument is excessive, it is within its authority to award interest at a lower rate. under the usurious loans act, 1918, term 'excessive' means when the court deems it so basing its assessment on risk involved in such a transaction i.e. chances of recovery ..... interest claimed by the plaintiff is at the rate of 24% per annum and in view of the provisions contained in the punjab relief of indebtedness act and the usurious loans act, interest beyond 12-1/2% per annum could not be granted by the court. the decision rendered by d.s. tewatia, j. (as ..... not granting the interest at the rate which was duly agreed between the parties. according to the counsel, as per section 79 of the negotiable instruments act, 1881, interest is to be calculated at the rate specified in the promissory note/receipt. thus, according to the counsel, decree of the court .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Sep-25-1997
Reported in : 1997(6)ALT392
..... for agricultural purpose or for commercial purpose and it equally applies to both. it was further held that the provisions of usurious loans act, 1918 (act 10 of 1918) as amended by usurious loans 25 (madras amendment) act 8 of 1936 section 3 and madras agriculturists debt relief act, 1938 (act iv of 1938) were not applicable to the advances made by banks to agriculturists.2. in view of the said ..... v. advath sakru, 1993 (1) an.w.r. 380 .considered this question elaborately and held that section 21-a of the banking regulation act, 1949 applies to all transactions entered into between the banking company and its debtor whether the transaction was entered into prior to its commencement or after and that section 21 ..... act, 1949 by amending act 1 of 1984 courts have no power to scale down the interest in respect of debts due to banks. a full bench of this court in state bank of hyderabad ..... appeal filed by the andhra bank, plaintiff in the suit, relates to the question of interest only. while decreeing the suit, the trial court scaled down the interest as per act iv of 1938 on the ground that the defendants are agriculturists. it is the settled position that after the introduction of section 21-a in the banking regulation .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Feb-27-1997
Reported in : 1998(3)ALD655; 1998(3)ALT625
..... .s. gowda, : (1994)5scc213 . in the said judgment the hon'ble supreme court white considering the effect of section 21a of the banking regulation act read with the mysore usurious loans act, 1923 held that in case of agricultural loans the banks were not entitled the resort to either quarterly rests or half-yearly rest in view of the circulars issued by the reserve bank ..... -1984 and the modified issues read as under :-(1) whether the interest is liable to be scaled down in accordance with the provisions of a.p. act iv of 1938? (2) whether the interest claimed is usurious ? (3) to what relief 5. the court below took up issue numbers 1 and 2 together and on the basis of the admission made by ..... for agricultural purposes or for commercial purposes. therefore, a debtor would not be entitled for any scaling down in terms of the debt relief act in view of section 21a of the banking regulation act even if the loan is for agricultural purpose. from these judgments it is clear that the entire approach of the court below is totally erroneous in scaling down ..... such indian law or by such law itself, and consequently held that the banking companies constituted under the banking companies act though constituted under the indian law under section 4(e) of the debt relief act, the act is not made applicable to the banking transactions and loans and as such the debtor would not be entitled for any relief under the debt relief .....Tag this Judgment!
Court : Karnataka
Decided on : Jul-04-1997
Reported in : ILR1997KAR3248
..... range rao, ilr 1985 kar 4283, ilr 1985 kar 1277 is to the following effect;'the courts in other words, cannot exercise jurisdiction under the usurious loans act or any other law relating to indebtedness for the purpose of giving relief to any party. this appears to be the intent of the legislature in ..... instead of 15%. the first appellate court has confirmed such interest. it cannot be contended even such interest is illegal or not warranted by the loan documents or the contract between the parties. in fact concession has been given by the courts below by reducing the interest from 15% to 12.5 ..... findings of the courts below that it is not agricultural advance and also in the absence of any material to show that it was an agricultural loan the appellants cannot claim for such a concession. this appeal was confined only to the question of interest. the lower court has granted interest ..... and half yearly banks should not compound interest on current dues. banks should not also charge interest with monthly, quarterly or half yearly rests on overdue loans. perhaps, it may not be illegal to charge interest with yearly rests.'but these two decisions will apply to the case only if the joan ..... is to the following effect:'the circulars/directives of the reserve bank direct that agricultural advances should not be treated on par with the commercial loans in the matter of application of the system of compounding interest. the farmers do not have any regular source of income other than sale proceeds .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Mar-21-1997
Reported in : AIR1997SC1925; JT1997(4)SC369; 1997(3)SCALE252; (1997)10SCC1; 3SCR226; 105STC580(SC)
..... applied even to goods imported prior to 1976 because it is only clarificatory in nature, cannot be accepted. prior to the introductions of this definition in the central sales tax act of 1956, crossing the customs frontiers of india was understood as crossing the limit of territorial waters of india. the definition, therefore, cannot be considered as merely clarificatory. since it ..... imported their requirement of cashewnuts from african countries through the cashew corporation of india ltd. the assessees were called upon to pay sales tax under the kerala general sales tax act in respect of the cashewnuts purchased by them from the canalising agency. according to the assessees, the sales effected by the cashew corporation of india to them are not exigible ..... and were thus exempt from tax under article 286(1)(b) of the constitution. the aforesaid contention of the appellants was negatived by all the authorities under the sales tax act. they thereafter also failed before the high court. the majority of the constitution bench also dismissed their appeal. shah, j., speaking for the majority held that the transaction of sale ..... had made them available to the assessees. consequently these transactions would be styled as purchases by the assessees in the course of import and were outside the sweep of the act. this contention of the assessees was rejected by the kerala sales tax appellate tribunal, addl. bench, ernakulam. their tax revision cases were also dismissed by a division bench of the .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Aug-12-1997
Reported in : 1997(6)ALT134
..... suit for recovery of the suit amount is not maintainable as rents due to the defendants would be adjusted to the loan due from the defendants?3. whether the interest claimed is usurious, excessive and penal?4. whether the suit is barred by time? to what relief?9. o.s.no. ..... of the tenant in tendering the rent also is material. where the tenant tendered the rent as rent payable under the rent acts like bombay rent act, calcutta thika tenancy act etc., which create statutory tenancy, the acceptance of rent in such circumstances by the landlord does not create a tenancy by ..... or any part thereof, or the transferee, being already in possession, continues in possession in part performance of the contract and has done some act in furtherance of the contract,and the transferee has performed or is willing to perform his part of the contract,then, notwithstanding that the ..... 5scc213 while affirming the decision rendered by the high court of karnataka in the case of karnam ranga rao (17 cite supra), held as follows:'banking regulation act, 1949 - sections 21 and 35- circulars/directions issued by reserve bank under, regarding interest with periodical rests chargeable by banks from borrowers - held, ..... possession of the accommodation even after the termination of his contractual tenancy is a tenant within the meaning of the madhya pradesh accommodation control act, 1961 and on such termination his possession does not become wrongful, until and unless a decree for eviction is made. if he continues .....Tag this Judgment!
Court : Delhi
Decided on : Nov-06-1997
Reported in : 71(1998)DLT818
..... framed thereunder, it appears to us that registration of a trade mark cannot be held to be absolute, perpetual and invariable under all circumstances. section 12 of the trade marks act prohibits registration of identical or deceptively similar trade marks in respect of goods and description of goods which is identical or deceptively similar to the trade mark already registered. for ..... appellant has been using the name 'charminar' on his bottles and boxes of 'quiwam' and 'zarda'. appellant applied for registration of 'quiwam' and 'zarda' under the trade and merchandise marks act, 1958 and the rules made thereunder. the respondent company filed objections the trade mark being in conflict with the registered trade mark of the respondent no. 9951 and 170427 obtained ..... registration of trade mark. learned counsel for the petitioner contends on the authority of senaji kapur chand v. pannaji devichand, that the word 'person' in section 4 of the companies act, 1913 denoted individuals and did not include bodies of individuals, whether corporate or not. (18) for the purpose of having an overall view, one must not confine himself to ..... materials used by him in arriving at his decision.(9) section 19 provides for withdrawal of acceptance and section 20 provides for advertisement of the application. section 21 of the act provides for opposition to registration. section 21 reads as under: 21.opposition to registration.-(1) any person may, within three months from the date of the advertisement or re .....Tag this Judgment!
Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai
Decided on : Oct-09-1997
Reported in : (1998)(97)ELT101Tri(Mum.)bai
..... quantity of goods that was received by the respondent was a little less than the quantity on which duty was paid, but this is not on account of any deliberate act or omission on the part of the manufacturer or recipient. nor is there any contention that the value of the goods, or their length has diminished. it is only because .....Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT
Decided on : May-19-1997
Reported in : (1998)60TTJ(Bang.)724
..... finally cut and precisely polished), which are being exported by the assessee and hence they qualify for the deduction under s. 80hhc in accordance with the twelfth schedule of the act. we, therefore, reverse the decisions of the lower authorities and direct the ao to allow the aforesaid deduction under s. 80hhc in respect of the export income.8. the other ..... , joints, fissures, moles, patches, hair line cracks, etc. the profits derived from the export of such granite dimensional blocks would accordingly be eligible for deduction under s.80hhc of the act." the learned counsel for the assessee has also relied on the order of this bench of tribunal dt. 16th july, 1996 in ita no. 607/bang/1995 in the case ..... view of the prohibition contained in sub-cl. (ii) of cl. (b) of sub-s. (2) of s.80hhc r/w item no. (x) of the twelfth schedule to the it act. it was furthermore stated in the adjustment note accompanying the intimation under s. 143(1)(a) that the matter had been clarified by the circular of cbdt no. 693, dt ..... is that only cut and polished minerals including granites should be exported for entitlement to deduction under s. 80hhc. the act does not prescribe the degree or extent of cutting and polishing to be applied to granite ores or boulders. the act certainly does not specifically say that the minerals and granites should be given the final cut and be finally polished .....Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT
Decided on : May-19-1997
Reported in : (1998)65ITD302(Bang.)
..... finally cut and precisely polished), which are being exported by the assessee and hence they qualify for the deduction under s. 80hhc in accordance with the twelfth schedule of the act. we, therefore, reverse the decisions of the lower authorities and direct the ao to allow the aforesaid deduction under s. 80hhc in respect of the export income.8. the other ..... , joints, fissures, moles, patches, hair line cracks, etc. the profits derived from the export of such granite dimensional blocks would accordingly be eligible for deduction under s. 80hhc of the act." the learned counsel for the assessee has also relied on the order of this bench of tribunal dt. 16th july, 1996 in ita no. 607/bang/1995 in the case ..... view of the prohibition contained in sub-cl. (ii) of cl. (b) of sub-s. (2) of s.80hhc r/w item no. (x) of the twelfth schedule to the it act. it was furthermore stated in the adjustment note accompanying the intimation under s. 143(1)(a) that the matter had been clarified by the circular of cbdt no. 693, dt ..... is that only cut and polished minerals including granites should be exported for entitlement to deduction under s. 80hhc. the act does not prescribe the degree or extent of cutting and polishing to be applied to granite ores or boulders. the act certainly does not specifically say that the minerals and granites should be given the final cut and be finally polished .....Tag this Judgment!