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Gulbanu Razack Vs. Assistant Commissioner of Income-tax (investigation ...

Court : Andhra Pradesh

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 80C, 80L, 132, 132(1), 132(4), 132(4A), 132(5), 132(7), 132(11), 132(12), 132B, 132B(3), 132B(4), 244A, 297 and 297(2); Interest Act, 1978 - Sections 4; ;Indian Contract Act, 1872- Sections 73

Reported in : [1990]186ITR226(AP)

payable under the common law or equity jurisdiction of the court as also under the provisions of the Interest Act, 1978, and, in particular, section 4(1) of that Act which preserves the right of parties to claim interest outside … by way of damages for wrongful detention of debt.... The law has, however, been amended in England by section 3, Law Reform (Miscellaneous Provisions) Act, 1934, empowering a Court of Record to award interest on the whole or

Vivek Sondhi Vs. N.D.M.C.

Court : Delhi

Subject : Property

Acts : Public Premises (Eviction of Unauthorised Occupants) Act, 1971 -Sections 5, 5(1), 5(2), 7 and 7(2A); Interest Act, 1978 - Sections 2 and 3

Reported in : 2003(66)DRJ142

provisions contained in the interest Act by the Estate Officer.15. Learned counsel for the respondents, however, contends that Section 3 of the interest Act 1978 is also applicable to the petitioner's case. Whether or not Section 3 is … may be prescribed, not being a rate exceeding the current rate of interest within the meaning of the Interest Act, 1978 (14 of 1978).Section 2(b) of the Interest Act, 1978 reads as under :-'Current rate of interest' means the

State of Orissa Vs. B.N. Agarwalla, Etc.

Court : Supreme Court of India

Subject : Arbitration

Acts : Constitution of India - Article 136; Interest Act, 1978 - Sections 3(1);Code of Civil Procedure (CPC) - Sections 34; Negotiable Instruments Act - Sections 80; Sale of Goods Act - Sections 61(2);

Reported in : AIR1997SC925; 1997(1)ARBLR612(SC); JT1997(2)SC51; 1997(1)SCALE599; (1997)2SCC469; [1997]1SCR704

arbitrator could not award interest for pre-reference period in cases which arose prior to the commencement of the Interest Act, 1978 unless the claimant had a substantive right to get interest under the terms of a contract or under … case the reference to arbitration was made after the 'commencement of the Interest Act, 1978, the arbitrator under Section 3(1)(a) of the said Act was entitled to award interest from 6-8-1981 till 21-8-1984 in view of this Court's

U.P. Co-operative Federation Ltd. Vs. M/S. Three Circles

Court : Mumbai

Subject : Arbitration

Acts : Arbitration Act, 1940 - Sections 29, 30, 39 and 41; Interest Act, 1978 - Sections 2 and 3; Interest Act, 1839; Code of Civil Procedure (CPC), 1908 - Sections 34 and 35(3); Banking Regulation Act, 1949; Partnership Act, 1952 - Sections 37

Reported in : 2000(3)ALLMR608; 2000(3)BomCR360; (2000)3BOMLR430; 2000(3)MhLj730

interest and the rate of 15% p.a. is far in excess of what is contemplated even under the Interest Act, 1978. (v) The arbitrator erred in granting interest on interest on two of the claims.(vi) Finally, the arbitrator erred … they think fit, so long as they are not opposed to law. (The proviso to section 41 and section 3 of Arbitration Act illustrate this point). All the same, the agreement must be in conformity with law. The

Motandas Nandiram Vs. Municipal Corporation of Greater Bombay

Court : Mumbai

Subject : Arbitration

Acts : Arbitration Act, 1940 - Sections 29; Interest Act, 1978 - Sections 3 and 6(2)

Reported in : 1992(3)BomCR74

granted interest on the amount payable under the award in exercise of the powers conferred on it under section 3 of the Interest Act, 1978 from the date of the award to the date of the decree and … passing of the decree if the award is made prior to 19th August 1981 i.e. the date when Interest Act, 1978 came into force.2. In Srikantia & Co. v. Union of India, : AIR1967Bom347 , Tulzapurkar, J., held that

Ultimate Advertising and Marketing Vs. G.B. Laboratories Ltd., Kanpur

Court : Allahabad

Subject : Company

Acts : Companies Act, 1956 - Sections 433 and 434; Interest Act, 1978 - Sections 3; Sales Goods Act, 1930; Code of Civil Procedure (CPC), 1908

Reported in : 1998(2)AWC1314; [1989]66CompCas232(All)

of such Interest may exceed six per cent. A reference was also made to Section 3(b) of the Interest Act, 1978 where the Court/Tribunal is entitled to award interest on the conditions being satisfied under the aforesaid provision.6. The

M.L. Sharma Vs. State Trading Corporation of India

Court : Delhi

Subject : Arbitration

Acts : Arbitration Act, 1940 - Sections 20; Interest Act, 1978 - Sections 3

Reported in : 70(1997)DLT1; 1997(43)DRJ290

arbitrator had no jurisdiction to grant interest under this Head. He has argued that the provisions of the Interest Act, 1978 which came into force with effect from August 19, 1981 do not provide grant of pre-reference interest as … which came into force with effect from August 19, 1981 do not provide grant of pre-reference interest as Section 3 which confers power on Court to allow interest has not been, complied with. He submits that the claimants

Bharat Engineering Enterprises Vs. D.D.A. and anr.

Court : Delhi

Subject : Arbitration

Acts : Arbitration Act, 1940 - Sections 14, 30 and 33; Interest Act, 1978 - Sections 3

Reported in : 2007(1)ARBLR90(Delhi); 136(2007)DLT379

1978. There is however, no substance in any of the aforesaid pleas raised on behalf of the respondent. Section 3 of the Interest Act, 1978 clearly provides that interest on account of damages as well at a rate … not justified. Besides, the respondent views the rate of interest so awarded as being against the provisions of Interest Act, 1978 and seeks the award being appropriately modified.6. In reply to the objections, it was pleaded that appreciation of

Shri Radha Kishan Aggarwal and ors. Vs. M/S. Network Ltd. and ors.

Court : Delhi

Subject : Banking

Acts : Interest Act, 1978 - Section 3

of interest has been pleaded or proved. Admittedly, no notice of the nature envisaged in Section 3 of Interest Act, 1978 was given by the plaintiffs to defendant No.1 at any point of time. Hence, interest cannot be awarded

Sri Siya Ram and Others Vs. Smt. Lilawati

Court : Allahabad

Subject : Civil

Acts : Evidence Act, 1872 - Sections 101; Code of Civil Procedure (CPC), 1908 - Sections 34 and 100 - Order XLI, Rule 11; Interest Act, 1978 - Sections 3

Reported in : AIR1990All75

it is agreed upon between the parties or it is provided under some statute. Section 3 of the Interest Act, 1978 also does not support the claim of the appellants for interest in the facts and circumstances of this